The Fundamentals of Business Quiz

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Questions and Answers

Which of the following best describes a nonprofit organization?

An organization that does not aim to make a profit (correct)
An organization that aims to make a profit
An organization that provides goods or services
An organization that has stakeholders

What is the role of stakeholders in a business?

To oversee the transformation of materials into goods and services
To provide funds in exchange for goods and services
To prepare reports on the cost of materials used in the production process
To have a legitimate interest in the success or failure of the business (correct)

What is the function of operations management in a business?

To prepare reports on the cost of materials used in the production process
To create financial statements for the public
To oversee the transformation of materials into goods and services (correct)
To provide goods or services to customers

What is the difference between financial accounting and managerial accounting?

<p>Financial accounting creates statements for the public, while managerial accounting prepares reports for internal use only (D)</p> Signup and view all the answers