Test 2 ch4&17

Question 1

accounting

Answer 1

the recording classifying, summarizing, and interpreting of financial events and transactions to provide management and other interested parties the information they need to make good decisions.

Question 2

account cycle

Answer 2

a six step procedure that results in the preperation

Question 3

accounts payable

Answer 3

current liabilities involving many owed to others for merchandise or services purchased on credit but not yet paid for.

Question 4

annual report

Answer 4

a yearly statement of the financial condition, progress, and expectation of an organization

Question 5

assets

Answer 5

economic resources owned by the firm

Question 6

auditing

Answer 6

the job of reviewing and evaluating the information used to prepare a companies financial statements

Question 7

balance sheet

Answer 7

financial statement that reports a firms financial condition at a specific time and is composed of three major accounts: assets, liabilities, and owners’ equity.

Question 8

bonds payable

Answer 8

long-term liabilities that represent money lent to the firm that must be paid back

Question 9

bookkeeping

Answer 9

the recording of business transactions

Question 10

cash flow

Answer 10

the difference between cash coming in and cash going out of a business.

Question 11

CPA

Answer 11

certified public accountant

Question 12

cost of goods sold

Answer 12

a measure of the cost of merchandise sold or cost of raw materials and supplies, used for producing items for resale

Question 13

current assets

Answer 13

items that can or will be converted into cash within one year

Question 14

depreciation

Answer 14

the systematic write off of the cost of a tangible asset over its estimated useful life

Question 15

double entry bookkeeping

Answer 15

the practice of writing every business transaction into two places

Question 16

financial accounting

Answer 16

accounting information and analyzes prepared for people outside of the organization

Question 17

financial statement

Answer 17

a summary of the transactions that have occurred over a particular period

Question 18

fixed assets

Answer 18

assets that are relatively permanent such as buildings and equipment

Question 19

fundamental accounting equation

Answer 19

assets=liabilities + owners equity

Question 20

government and not for profit accouting

Answer 20

accounting system for organizations whose purpose is mot generating a profit but serving ratepayers, taxpayers, and others according to an approved budget

Question 21

gross profit

Answer 21

how much a firm earned by making and selling merchandise

Question 22

income statement

Answer 22

the financial statement that shows a firms profit after costs, expenses, and taxes: it summarizes all of the resources that have come into the firm, expenses and resulting net income or net loss

Question 23

independent auditing

Answer 23

evaluation and unbiased opinion about the accuracy of a company’s financial statements

Question 24

intangible assets

Answer 24

long term assets that have no real physical form but do have value

Question 25

journal

Answer 25

record books or computer program where accounting data is entered

Question 26

ledger

Answer 26

specialized accounting book or computer program in which information from accounting journals is accumulated int specific categories and posted so the managers can find all the information about one account in one place.

Question 27

liabilities

Answer 27

what the business owes to others

Question 28

liquidity

Answer 28

the ease with which an asset can be turned into cash

Question 29

managerial accounting

Answer 29

accounting used to provide information and analyses to managers wihtin the organization to assist them in a decision making process

Question 30

net income/loss

Answer 30

revenue left over after all costs and expenses are paid

Question 31

notes payable

Answer 31

short term or long term liabilities that a business promises to re pay by a certain date

Question 32

operating expenses

Answer 32

costs involved in operating a business such as rent, utilities, salaries

Question 33

owners equity

Answer 33

the amount of the business that belongs to the owners minus any liabilities owed by the business

Question 34

private accountant

Answer 34

an accountant who provides accounting services to for a single firm, government agency, or nonprofit organization

Question 35

public accountant

Answer 35

an accountant who provides accounting services to individuals or businesses on a fee basis

Question 36

ratio analysis

Answer 36

the assessment of a firm’s financial condition using calculations and interpretations of financial rations developed from the firm’s financial settlements.

Question 37

retained earnings

Answer 37

the accumulated earnings from a firms profitable operations that were reinvested in the business and not paid out to stockholders, in dividends

Question 38

statement of cash flows

Answer 38

financial statement that reports cash receipts and disbursements related to a firms major three activities: operations, investments, financially

Question 39

tax accountant

Answer 39

an accountant trained in the law and the responsible for preparing tax returns or developing tax strategies

Question 40

trial balance

Answer 40

a summary of all the financial data in the account ledgers that ensures the figures are correct and balanced

Question 41

benefit segmentation

Answer 41

dividing the market by determining which benefits of the product to talk about

Question 42

brand name

Answer 42

a word, letter or group of letters that differentiates one sellers goods and services from those of competitors

Question 43

B2B market

Answer 43

all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

Question 44

consumer market

Answer 44

all the individuals or households that want goods and services for personal consumption or use and have resources to buy them

Question 45

customer relationship management

Answer 45

the process of learning as much as possible about customers and doing everything you can over time to satisfy them or exceed their expectations with goods/services

Question 46

demographic segmentation

Answer 46

dividing the market by age, income and education level

Question 47

environmental scanning

Answer 47

the process of identifying the factors that can affect marketing success

Question 48

focus group

Answer 48

a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization its products, or other given issues

Question 49

geographic segmentation

Answer 49

dividing the market by cities, states, or regions

Question 50

marketing

Answer 50

the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers and clients at large

Question 51

marketing concept

Answer 51

1) customer orientation
2)service orientation
3) profit orientation

Question 52

marketing mix

Answer 52

ingredients that go into a marketing program” product, price, place, promotion

Question 53

marketing research

Answer 53

analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions

Question 54

market segmentation

Answer 54

process of dividing the total market into groups whose members have similar characteristics

Question 55

mass marketing

Answer 55

developing products and promotions to please large groups of people

Question 56

niche marketing

Answer 56

the process of finding small but profitable market segments and designing or finding products for them

Question 57

one to one marketing

Answer 57

developing a unique mix of goods and services for each individual customer

Question 58

primary data

Answer 58

data you collect on your own

Question 59

product

Answer 59

physical good,service,idea that satisfies a want or need plus anything that would enhance the product in eyes of customer

Question 60

promotion

Answer 60

all the techniques sellers use to inform people about and motivate them to buy their products

Question 61

psychographic segmentation

Answer 61

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet requirements

Question 62

secondary data

Answer 62

pre existing data already compiled by others

Question 63

target marketing

Answer 63

marketing directed towards the groups an organization decides it can serve profitably

Question 64

test marketing

Answer 64

the process of testing products among potential users

Question 65

volume segmentation

Answer 65

dividing the market by volume of use