Business Concepts Quiz

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Questions and Answers

What is the primary focus of accounting?

  • Creating financial statements
  • Analyzing past financial decisions (correct)
  • Managing day-to-day cash flows
  • Projecting future financial outcomes

Which type of ownership structure offers the most limited financial liability?

  • Corporation (correct)
  • Partnership
  • Sole Proprietorship
  • Limited Liability Company (correct)

In the context of finance, what is primarily dealt with in personal finance?

  • Saving, investing, and debt control (correct)
  • Government taxation and budget plans
  • Maximizing business profits and minimizing costs
  • Financial projections and statements for companies

What is a disadvantage of incorporating as a corporation?

<p>Two instances of taxation (A)</p> Signup and view all the answers

Which of the following describes business/corporate finance?

<p>Manages day-to-day cash flows and long-term financing (D)</p> Signup and view all the answers

What is a key aspect of setting an achievable goal?

<p>It should focus on the tools and skills required to attain it. (D)</p> Signup and view all the answers

Which component of management involves arranging tasks and resources?

<p>Organizing (B)</p> Signup and view all the answers

Which of the following is not a function of MyNevada?

<p>Planning future career paths (C)</p> Signup and view all the answers

What does the 'relevant' aspect of goal setting emphasize?

<p>Ensuring goals make sense within the broader business objectives (D)</p> Signup and view all the answers

How does market segmentation benefit businesses?

<p>By identifying customer groups for targeted marketing. (C)</p> Signup and view all the answers

What does the controlling component of management entail?

<p>Monitoring performance and making corrective actions. (C)</p> Signup and view all the answers

What factor is essential for a time-bound goal?

<p>A specific target date for deliverables. (D)</p> Signup and view all the answers

Which option best describes the importance of measurable goals?

<p>They help determine success through specific metrics. (B)</p> Signup and view all the answers

What does a vision statement describe?

<p>The organization's aspirations for the future (A)</p> Signup and view all the answers

Which of the following best defines business casual attire?

<p>It encourages personal expression and comfort in the workplace. (C)</p> Signup and view all the answers

In what order should a resume be structured?

<p>Header, education, experience, skills (C)</p> Signup and view all the answers

How is profit calculated for a business?

<p>Total income minus total expenses (C)</p> Signup and view all the answers

What does the 'A' in the STAR method represent?

<p>Action (B)</p> Signup and view all the answers

What does the term 'average volume' refer to in investing?

<p>Average number of shares traded in a day for a stock (B)</p> Signup and view all the answers

Which of the following is NOT one of the 4 P's of marketing?

<p>Profit (C)</p> Signup and view all the answers

What does SMART stand for in SMART goals?

<p>Specific, Measurable, Achievable, Relevant, Time-bound (A)</p> Signup and view all the answers

Flashcards

Vision Statement

An organization's long-term aspirations. It defines where they aim to be in the future.

Mission Statement

A concise statement outlining the organization's purpose, objectives, and approach to achieving them.

Business Professional

A formal dress code often found in traditional work environments like finance and law.

Business Casual

A more relaxed dress code, allowing for personal expression and comfort, suitable for less formal workplaces.

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STAR Method

A method for answering interview questions by outlining the Situation, Task, Action, and Result.

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Average Volume (AVG Vol)

The average number of shares traded daily for a particular stock.

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4 P's of Marketing

The four key elements of a successful marketing strategy: Product, Price, Place, and Promotion.

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SMART Goal

A specific, measurable, achievable, relevant, and time-bound goal. It provides a clear and actionable plan.

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What is the focus of accounting?

Focuses on analyzing past financial decisions and creating financial statements.

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What is the focus of finance?

It's forward-looking, creating financial projections and predicting future outcomes.

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What is a sole proprietorship?

A business ownership structure where the owner has unlimited personal liability for the business's debts.

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What is a partnership?

A business ownership structure where two or more people share ownership and liability.

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What is a corporation?

A business ownership structure where the company is a separate legal entity from its owners, offering limited liability.

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Market Segmentation

Dividing a large market into smaller, more defined groups of customers with similar needs, preferences, and characteristics.

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Planning (Management)

The process of outlining, setting, and executing strategies and actions to achieve organizational goals.

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Organizing (Management)

The process of coordinating and allocating resources (people, tasks, technology, etc.) to achieve the planned goals

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Leading (Management)

The process of inspiring, directing, and leading people to achieve organizational objectives.

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Controlling (Management)

The process of monitoring performance, comparing it to set goals, identifying deviations, and implementing corrective actions.

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MyNevada

A comprehensive online platform for UNR students, providing access to a range of academic and administrative services.

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Enrollment & Finances

The process of enrolling in courses, managing course registrations, accessing academic records, and making payments.

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Study Notes

Business Vision and Mission

  • Vision: Explains where the organization wants to go, outlining future aspirations.
  • Mission: Defines the organization's business, objectives, and how it will achieve them.

Business Professional and Casual Dress Codes

  • Business Professional: Formal dress code, common in traditional workplaces (e.g., accounting, law).
  • Business Casual: Allows for more personal expression and comfort, suitable for less formal environments.

Resume Format

  • Include a header with personal details.
  • List education, experience, and skills.

Profit Calculation

  • Start with total income (sales revenue).
  • Calculate total expenses.
  • Subtract total expenses from total income to find the profit.

STAR Method for Interviewing

  • Situation: Describe the situation or problem.
  • Task: Explain the task you were responsible for.
  • Action: Detail your actions taken to address the task.
  • Result: Explain the positive outcome of your actions and quantifiable results.

Investing: Average Volume (AVG Vol)

  • Average Volume: The average number of shares traded daily in a given stock.
  • This average can be determined by averaging the daily volume over a set period (e.g., a week or a month).

Marketing: The 4 Ps

  • Product: Creating a product that customers desire.
  • Price: Determining a cost sufficient for profit but attractive to buyers.
  • Place: Distributing products to locations where customers buy.
  • Promotion: Targeted advertising campaigns reaching the intended market.

SMART Goals

  • SMART Goals: Specific, Measurable, Achievable, Relevant, and Time-Bound.

Enrollment, Resources, & MyNevada

  • Enrollment: Online course enrollment, course swapping, viewing enrollment dates.
  • Finances: Making payments, viewing balances, financial aid information.
  • Tasks: Viewing to-do lists, holds, and communications.
  • Academic Records: Viewing course history, final grades, transcripts.
  • Personal Information: Entering contact details.

Management Components

  • Planning: Defining goals, strategies, and procedures.
  • Organizing: Structuring tasks and resources.
  • Leading: Motivating and guiding employees.
  • Controlling: Monitoring and evaluating performance against goals.

Market Segmentation

  • Market segmentation: Identifying customer groups for tailored products and brand strategies.

Accounting vs. Finance

  • Accounting: Focused on past financial events, analyzing past financial statements.
  • Finance: Future-oriented, creating projections and financial statements.

Types of Ownership

  • Sole Proprietorship: Simplest business structure, ease of setup, unlimited liability.
  • Partnership: Two or more owners, shared liability.
  • Corporations: Complex structure, limited liability, but taxed twice.
  • Limited Liability Company (LLC): Combines pros of partnerships/sole proprietorships and corporations, protecting personal assets.

Fields in Finance

  • Business/Corporate Finance: Managing daily cash flow and long-term financing needs.
  • Personal Finance: Managing personal finances, investments, and debt.
  • Public Finance: Government financial management, taxation, budgeting, deficits/surpluses.

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