Financial Ops DO NOW

posted Sep 4, 2011, 7:06 AM by L Acosta   [ updated Jul 26, 2017, 7:49 AM ]

During the first five minutes of each class period
1.  Complete DO NOW Question of the Day (in your Composition Book)
2.  Update your Word of the Day in your Academic Notebook.
3.  Be prepared to discuss the answers to both

When we have 10 - 25 Do Now questions, you will have a test on the these questions

In your DO NOW Composition Book, using Cornell Notes (two-column format): 
  1. Number each question.
  2. Write the ENTIRE QUESTION in the RIGHT column.
  3. Write the Letter of your ANSWER (A, B, C, or D) in the LEFT column.  
  4. Keep your notebook open and be prepared to discuss the question/answer in class before we begin the day's lesson.
  5. If your answer is correct, write the ENTIRE ANSWER OUT -- NOT JUST THE LETTER!
  6. If you chose an incorrect answer, use your RED PEN to write the ENTIRE CORRECT answer when we review.
    IMPORTANT:  Now you know to focus your studying on the answers you wrote in RED.

1. In a contract, what one party gives or receives in exchange for something else is an example of

A.   agreement.                               C. compensation. B.   consideration.                            D.   acceptance.


2. Acting on the behalf of The Jones Company, Jenna has the authority to establish business contracts with other companies. What is Jenna's role in the relationship?

A.   Employer                                                       C.   Agent

B.   Principal                                                        D Controller


3. An important guideline for effective listening is to

A.   think about what you are going to say next. B.   focus on details, not key points.

              C.  concentrate on the speaker's  personality. D.   practice active listening.


4. Communication is best defined as

A.   the transfer of feelings.    B.  the exchange of ideas and information.

C. signals and gestures. D.   printed material.

 5. Samantha has been chosen by her boss  to participate in a group discussion on a topic she knows  very little about.  Her lack of knowledge in the subject makes her feel like she has little to contribute to the group.  Which of the following should  she do to become a valuable participant:

A.   Ask to be excused from the group

B.  Resist the urge to comment on the subject until she becomes  an expert

C.  Ask questions to clarify other participants' comments

D.  Take the leadership role to give the group an open mind about the topic


6.  A group's physical and social characteristics (such as interests, ages, political  views. incomes, and ethnic backgrounds) are called

A.   nationalities.     B.  profiles.

            C.  demographics.     D.  statistics.


7.  When organizing information to present in a business  report, it is effective to

A.  develop an outline.                                       C.   remain objective.

B.  interpret  the data.                                         D.  determine the purpose.


8. Which of the following is an important step in preparing a simple written report:

A.  Organizing  visual aids                                   C.  Arranging an interview

B.  Scheduling a meeting date                            D.   Developing a rough draft


9.  With what type of audience  is it is best to use a direct approach to structure  an analytical report?

A.  Argumentative                                             C.   Receptive

B.   Indecisive                                                     D.  Intellectual


10.  In what section of a research report would a writer place the following statement:


"A study conducted by York University indicated that many U.S. pharmaceutical companies  are spending twice the money on their promotional efforts as they are on product  research and development."

A.   Introduction                                               C.   Background

B.  Methodology                                               D.  Conclusion


11.  At work, you have access to confidential information about other employees' salaries. Some employees have asked  you about others' salaries. What should  you do?

A.   Report the employees  who ask.                   C.   Explain that you can't discuss it. B.   Offer to provide salary information.                     D.  Answer their questions.


12. When participating in staff meetings with employees,  the role of the department manager is to

A.   expand the agenda.                   C dominate the discussion. B.   record the minutes.                    D be the leader.


13.  The best way for businesses  to communicate with customers is to

A.   give as much information  as possible.          C.   send direct mail.

B.   rent billboards  on major highways.                D.   listen respectfully.



14.  When management  establishes policies that help employees  to deal with customers in the same way, under the same circumstances,  the main purpose of these policies is the

A.   reduction of expenses.                             C.   satisfaction of customers' wants.

B.'.   fair treatment of customers.                      D, smooth operation of the business.


15.  Businesses  must act quickly toward customer complaints in order to

A.   foster goodwill.                                           C.  train employees.

B.  comply with the law.                                     D.   prevent future complaints.


16.  Unique products for which buyers are willing to pay more are called _ __ goods.

A.   specialty                                                        C.  shopping

B.  convenience                                                   D.   industrial


17.  Which type of utility does marketing  not affect directly?

A.   Possession                                                   C.   Time

B.   Place                                                             D.   Form


18.  Which business activity provides  the connecting link between the business and its customers?

A.   Financial analysis                                           C.   Operations  management

B.   Marketing                                                       D.   Strategic management


19.  Which of the following is a true statement about breaking the law:

A.   It may have different consequences than breaching ethics. 

B.   It will make a company more popular.   

C.   It is necessary  for business  success.

D.   It is acceptable  in most industries.


20.  Which of the following is one of the main principles of the private enterprise system:

A.   Exclusive agreements                                    C.   Price fixing

B.   Monopolies                                                   D.   Competition


21.  Which of the following statements does not describe how the U.S. government  is involved  in business:

A.   Enforcing business  contracts


Ensuring a business's profitability

B.   Protecting business property


Settling business disagreements


22.  When a nation's inflation rate is low, prices tend to

A.   fluctuate daily.

B.   increase  dramatically.

                C.   remain stable.

                        D.  reduce currency values.


23.  The gross domestic product (GOP) refers to the total dollar value of all goods and services produced within a country's geographic boundaries  in

A.   one year.             B.  one month.

                C.   two years.        D.   six months.


24.  Which of the following statements is true about conducting business  in the United States:

A.   Because Americans have a strong work ethic, social conversations  with business partners are discouraged.

B.  U.S. businesspeople tend to make decisions slowly and usually depend on a lot of group input. C.   The U.S. culture and the geographic region of the country affect the formality of business


D.  American businesspeople tend to value their time more than money, so business meetings start promptly and end quickly.


25.  While American businessperson Carolyn Alexander is traveling on business in Dresden, Germany, she plans to meet with a potential client named Rudolph Schmidt, who is a purchasing manager with Rhine Industries. How should Carolyn greet the client?

A.   Good day, Sir Rudolph.        C.   It is a pleasure to meet you, Rudolph Schmidt.

B.   Hello, Herr Schmidt.               D.  How do you do, Senor Schmidt.


26.  When French businesswoman Marie DePaul attended a Tokyo business meeting wearing a short-sleeve blouse, dress pants, and high-heel shoes, her Japanese hosts looked appalled. If Marie had done some research, she would have learned that a conservative skirt, jacket, and low-heel shoes would have been a better choice. This is an example of a cultural difference associated with

A.   appearance.                                                  C.   cleanliness.

B.  translation.                                                     D.  qualifications.


27.  Which of the following is a common and acceptable greeting in Middle-Eastern  countries:

A.   Cheek kiss


Head nod

B.  Deep waist bow




28.  One gesture that is offensive to Indian business people is

A.   listening.                                                       C.  winking.

B.  yelling.                                                           D.   mumbling.


29.  Because most of us like to see ourselves in the best possible light, it is

A.   impossible  to change undesirable traits.       C.   best not to admit our faults.

B.  easy to recognize our weaknesses.                D.   difficult to see ourselves objectively.


30.  The manager left 15 minutes early, and Jake decided on his own to do some extra cleaning work. Jake was

A.   acting irresponsibly.

B.  imitating the boss.

            C.   following the rules.

                    D.  showing initiative.


31.  After Porter realized that he processed  an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped  to the customer. Now, the customer will need to ship the item

back to the warehouse, and Porter's company will need to pay extra charges to have the product returned. This situation illustrates that

A.   employees  should tell their supervisors about all problems as soon as they occur.

B.  an employee's decisions and actions can negatively impact others.

C.   the company has unrealistic  expectations  about Porter's ability to perform his job.

D.  customers are likely to be very angry when employees make mistakes.


32.  Dillon  wants to advance quickly in his career with the Orton Company. To impress his boss, Dillon volunteered to take on several extra assignments. Unfortunately, Dillon did not realize how much time was involved to complete all of the work that he had taken on. He rushed to get the Simpson assignment

done so he could start work on a complex  report. On Tuesday, Dillon's boss called him into his office and

told him that the Simpson assignment lacked detail and that more research needed to be done. Now, Dillon is worried that he will not meet the deadlines for the report and other upcoming assignments. What lesson can Dillon learn from this experience?

A.   It is important to volunteer for projects to obtain a promotion.

B.  Dillon should have delegated some of the work to his coworkers

C.   Over-commitment  can lead to a lower quality of work.

D.  Dillon should have started on the report before he finished the Simpson assignment.


33.  An example of a desirable goal that an individual could attain by using self control techniques would be to

A.   increase perseverance.                                 C.   eliminate feelings of anger.

B.  maximize  faults.                                          D.   change the behavior of others.


34.  Eric  was denied admission to Yale on the basis  of his high school grade-point average, and his college entrance exam.  Which of the following types of feedback did Eric receive:

A.   Destructive                                                                        C.   Positive

B.   Internal                                                                               D.   External


35.  The  ability  to identify with  or experience the feelings, thoughts, attitudes or actions  of others  is

A. objectivity.                                                           B.  behavior.

C.   values.                                                                          D.   empathy.


36.  Which of the following characteristics is a primary dimension of diversity:

                A.   Age                                          B.   Language

C.   Income                                 D.   Religion


37.  A group  of employees doing research and preparing a report  to recommend that the business change certain policies is an example of using

A.    persuasion.            B.   leadership.  C.   management. D.   enthusiasm.


38.  To be effective change leaders, individuals must  know  how to

A.   enforce  rules.


dominate the group.

B.  coach others.


ignore objections.

39.  What  is one of a coach's most  important tasks?

A.   Caring for others    B.   Giving  feedback        C.   Accepting change        D.   Being honest

 40.   Coins  and paper  money  are types of

A.   stock.         B.  checks.        C.   currency.        D.   endorsements.

 41.  What  source  of credit  buys  borrowers' contracts from  sellers?

A.   Savings and loan associations                                     C.   Credit  unions

B.   Commercial banks                                                            D.   Sales  finance companies


42.  On Samantha's first pay stub, she sees that her gross  pay is $150.00, and her net pay is $125.00. When she cashes  her  check,  she will have                               that she could deposit into  the bank  account.

A.   $125.00                                                                              C.   $275.00

B.   $150.00                                                                              D.   $25.00


43.  What is an important step to take when selecting a financial-services provider?

A.   Verify  credentials.


Organize records.

B.  Make  an appointment.


Plan  an investment.


44.  Buying insurance is one way  that businesses manage

A.   risk.        B.  coverage.            C.   injury.            D.   damage.


45.  Which of the following is a way that businesses often use the information provided by the accounting department:

A.   To organize inventory                                                    C.   To hire additional staff

B.  To prepare work  orders                                                  D.   To monitor  procedures


46.  Businesses that buy products in order  to resell  them  must take  into consideration the flow of cash  needed to purchase

A.    adequate inventories.                                                       C.   raw materials.

B.   manufacturing tools.                                                         D.   production supplies.


47.  How can a business determine whether it is more profitable this year than last year?

A.   By comparing the income statement's net profit figures for those two years

B.  By comparing the income statement's operating expenses for those two years

C.  By determining  whether assets minus liabilities equals owner's equity

D.  By determining whether owner's equity is positive or negative


48.  Making sure a company follows laws and regulations  describes the HR management  activity of

A.   compliance.                              C.  compensation  and benefits.             B.   staffing.                                      D.  employee relations.


49.  Which of the following is an example of tacit knowledge:

A.   Riding a bicycle                                             C.   Documenting facts

B.   Calculating  statistics                                     D.  Inventing a product


 50.  What is a Web-based tool that a business can use that provides its employees with the ability to share tacit knowledge  from remote locations?

A.   Codification                                                  C.   Spreadsheet

B.  Wiki                                                               D.  Intranet


51.  Keith Carson is a member of a research and development team forMED Pharmaceutical Company.  Under the supervision of his team manager, Rita Woods, Keith and his coworkers, Margo Luft and Leo Martelli, invented a new drug to treat a degenerative eye disorder. Because the drug is intellectual property, it will be patented. Who will own the patent?

A.   Keith Carson                                                 C.   MED's research and development  team

B.   MED Pharmaceutical Company                D.  Rita Woods


52.  Sophia gathered members of the department together to discuss the ways in which they perform their work and what they do to overcome pitfalls and challenges  while performing their day-to-day  tasks. While the members of the group shared their experiences  and ideas, Sophia took notes and asked follow-up questions. What technique is Sophia using to capture tacit knowledge?

A.   Channeling  discussion                                  C.  Repetitious feedback

B.   Parliamentary procedure                                D.  Critical interaction


53.  Businesses should keep promises to customers in both personal interactions with employees  and

A.   advertising.                                                   C.  coworker  interactions.

B.   newspaper articles.                                        D.   future products.


54.  Managing information for business continuity is important in case of

A.   low sales volume.                                          C.  a disaster.

B.   high employee turnover.                                D.  a drop in stock price.


55.  Monitors, keyboards, and hard drives are examples  of computer

A.   networks.                   C.  language. 

B.   hardware.                  D.  standards.


56.  What type of software program do businesses use to crate  text documents?

A.   Communications                                        C.  Word processing

B.  Web-page editor                                             D.   Presentation


57.  Whjch of the following is a standard capability of spreadsheet  software:

A.   To create slides                                            ·     To prepare text

B.  To graph data                                                D.   To manage files


58.  When posting a new page to an existing web site, the new page should be linked to the

A.   home page.                                         C.   personal computer. B.   pop-up ads.                                       D.   online catalog.


59.  A project-management software program  that includes functions that store and calculate accounting information,  such as amortization  and expenses, has                   capabilities.

A.   task delegation and charting                          C.  cost assignment  and tracking

B.   resource scheduling and leveling                   D.   comprehensive operating and scheduling


60.  What is one reason that a local business  would keep records of all its customer-sales transactions?

A To issue rebates                                            C.   To cancel orders

B.  To handle returns                                           D.   To budget expenses


61.  A firm's environmental scan reveals that a country is on the brink of civil war, which would affect the firm's ability to do business in the country. This is an example of a(n)              consideration.

A.   economic                                                       C.   cultural

B.   political                                                          D.   technical


62. The primary reason that governments  develop workplace health and safety regulations is to

A.   reduce the risk of employment discrimination. 

B. protect employees  from injury and illness.      

 C.   ensure that employees have access to insurance.

D.   prevent the breach of business information  systems.


63.  Which of the following is a  true statement about the benefit of having a safe workplace:

A.   Financial expense is increased.   C. Insurance claims are increased. 

B.   Bodily injuries are decreased.         D.   Productivity  is decreased.


64.  Jeanette decided that she should start working on her status report before she finishes the department's marketing budget, because the report is due in two days, and the budget is due next week. What activity is Jeanette performing?

A.   Organizing her workspace                              C.   Reprioritizing her workload

B.   Marking her schedule on a calendar               D.   Implementing her personal  goals


65.  Because Kendra must finish a task and submit her work to Joshua so he can complete his part of the project by next Thursday, these two team members' jobs are  A.  innovative. B.  autonomous. C.  interdependent D.  adaptable.


66.  One part of a project often needs to be completed before another part can begin, which makes it important for a project manager to

A.   track deadlines.    B.   ask questions.C.   reward employees.    D.   develop options.

 67.  When executing a project, the project manager must often

A.   develop a project charter.                  C.  form a steering committee. B.  update the project plan.                   D.   establish project milestones.


68.  Which  of the following might a business use to effectively maintain an inventory of supplies

                A.   Automatic reorder  system       C.   Emergency response plan

B.  Surveillance device                         D.   Stock handling  method


69.  Why do businesses  often evaluate vendor performance  after orders have been delivered?

A.   To negotiate future discounts                      C.   To identify the most capable suppliers

B.   To establish product  specifications               D.   To organize the receiving areas


70. What is required to maintain favorable relationships  with vendors?

A.   Occasionainteraction                                      C.   Ongoing cooperation

B.  Limited communication                                   D.   Full disclosure


71.  The information  that a regular purchase order should include are product specifications, quantities, prices, and

A.   the invoice date. B.   location of buyer's customer. C.   shipping requirements.

D.   usage rates.

 72.  Which of the following are examples of inventory that consists of finished goods:

A.   Boots, minerals, and shampoo                      C.   Mops, candy bars, and ore

B.   Automobiles, coal, and bottled water             D.   Computers, sweaters, and bath towels


73.  What is the key to effective use of concessions during a negotiation with a vendor?

A.   Obtain leverage by conceding  on a major point first.

B.   Concede on minor points before major points.

C.   Allow minimal room for concessions before negotiations begin.

D Portray important concessions  as more valuable than they really are.


74.  Production is the process that involves               goods or services.

A.   pricing                                                           C.  selling

B.   creating                                                          D.  distributing


75.  Payroll, rent, utilities, and supplies are all classified as                expenses.

A.   variable                                                          C.   fixed

B.  operating                                                       D.   contractual


76.  A businessperson conducted  an analysis which indicated that the company's productivity increased 15% last quarter after implementing a new production process. The purpose of the analysis was to

A.   formulate a plan.                                C.   reduce organizational waste. B.   solve a problem.                                D.   validate an action.


77.  The style and appearance  of your clothing should maximize your

A.   self-concept.                                                  C.   weaknesses.

B.   personal image.                                             D.   personal habits.


78.  A major purpose  of establishing  personal goals is to

A.   identify  your wants.

B.   decrease personal needs. C.   achieve success in life. D.   get help from others.


79.  A high degree of self-understanding will help an individual to

A.   satisfy unmet needs.                                     C.   control others' behavior.

B.   ensure success on the job.                            D.   select an appropriate career.


80.  Which of the following skills are at the core of most business activities

        A.   Computer/Technology skills                    C.  Math skills

B.   Creativity                                              D.l  Communication skills


81.  Which of the following is appropriate to include in a letter of application:

                A.   Your work experiences  that relate to the job opening

B.  The ages of your children

C.   The reasons for frequent job changes

D.   Your list of references


82.  Which of the following is a trade association which primarily operates on a local level: 

    A.   Small Business Administration                      C.   Chamber of Commerce

B.   American Marketing  Association       D.  Service Corps of Retired Executives


83.  What tends to increase when all employees  follow the company's  rules of conduct?

A.   Laissez-faire leadership                                  C.   Subculture power conflicts

B.   Organizational cohesheness                             D.   Inflexible attitudes


84.  Angela Randall is the chief benefits administrator for the HiTech Telecommunications Company's human-resources department  If HiTech uses a hierarchical organizational structure, who is Angela's immediate supervisor?

A. Cynthia Ambrogi, Vice President of Human Resources

B. Bob Murray, Human Resources  Director

C.  Wilma Mitchell, Benefits Assistant

D.   Rich Armstrong,  Senior Recruiter


85.  What are a business's organizational  goals based on?

A.   The industry's needs                                      C.   The employees' input

B.   The customers' opinions                                 Dj  The business's purpose


86.  So that a business can achieve its organizational  goals, the business's employees must have

A.   comprehensive analytical skills.              C.   detailed reports.

B.  adequate training.                               D.   unlimited resources.


87.  When Deidra was developing the statement of work (SOW) for a complex construction project, she included  a statement that describes the things that the project  will and won't include. This statement is defining the project

A   risks.                                                              C.  scope.

B.   outcome.                                                        D.  constraints.


88.  A primary purpose of preparing  a work breakdown  structure for a project is to

A  evaluate the quality  of resources.   C.  identify the project deliverables. B:  set the project goals.                           D.  streamline the workload.


89.  During a weekly status meeting, Tom said, "We've worked extremely hard and have made some tremendous  progress on this stage of the project, so I am taking the team out to lunch next Wednesday." What project-management activity is Tom  rforming?

A.   Assessing                                                      C.   Rewarding

B.   Coaching                                                       D.   Organizing


90.  Which of the following is a question that should be answered  when developing the "lessons learned" document:

A  Who are our stakeholders?

B.   What equipment  should we use? C.   How can we improve? D.  What are the risks?


91.  A furniture manufacturer  has been receiving  complaints about the safety of its Model BA2X baby crib.  What is the first thing the manufacturer  should do?

A  Make style improvements  to the crib.            C.   Offer refunds  to the customers.

B. Initiate a product recall.                                  D.   Ship the customers another crib.


92.  Which of the following is a true statement about the Capability Maturity Model Integration (CMMI) framework for quality improvement:

A.   CMMI helps a business  improve quality by linking specific activities with organizational  goals.

B.  It is used primarily  to continuously improve  a business's product-development processes.

C.   CMMI improves efficiency by dividing the company into separate organizational functions.

D.   It focuses improvement at the highest organizational level rather than by division or project.


93.  To continuously improve their quality processes, businses  need to

A  solicit customers.                                            C promote change.

B.   implement  flexible policies.                           D.   establish benchmarks.


94.  How can a business reduce risks that are associated with a poor public image:

A.   Offer credit to few customers                        C.   Encourage fraudulent behavior

B.   Maintain minimal inventory levels                   D.   Implement an ethics program


 95.  Many computer software programs  help businesses determine their levels of business risk, which is helpful when they develop

A.   endorsement  records.                                   C.  contingency plans.

B.   content theories.                                            D.  monetary regulations.


96.  Which of the following is an ethical issue related to public safety that may increase a business's risk levels:

A.   Taking shortcuts  to complete a bridge construction project on time

B.  Monitoring smokestack emissions  on an occasional basis

C.   Implementing changes to increase production-line  security levels

D.   Exaggerating  the capabilities of a commercial vacuum cleaner


97.  What function of management  establishes a company's  levels of authority?

A.   Organizing                                                     C.   Controlling

B.   Staffing                                                         D.   Evaluating


98.  An important activity of the staffing function of management  involves

A.   establishing standards.                                  C.   delegating  tasks.

B.   evaluating performance.                                 D compensating  employees.


99.  What management function involves motivating and encouraging an employee?

A   Directing                                                         C.   Organizing

B.  Planning                                                         D.   Recruiting


100.  Which of the following is the first step in the control process:

A.  Take corrective action                                    C.   Measure performance

B.  Set performance standards                            D.   Compare performance to standards