Test Bank For Accounting Information for Business Decisions, 4th Edition Billie Cunningham Loren A. Nikolai John Bazley Marie Kavanagh Sharelle Simmons Christina James Chapter 1-12
Chapter 1 – Introduction to business accounting and the role of professional skills COMPLETION 1. The ‘information explosion’, evolving forms of businesses, more complex business activities, increased regulations, globalisation and technological advances are all factors affecting the ______________of the business environment. ANS: complexity PTS: 1 DIF: Difficult business environment
TOP: Factors affecting the complexity of a changing
2. To be able to ‘go with the flow’, a successful businessperson should be __________ and ___________. ANS: flexible, adaptable PTS: 1 DIF: Moderate business environment
TOP: Factors affecting the complexity of a changing
3. __________ ___________ is a system in which individuals own businesses that produce and sell services and/or goods for a profit. ANS: Private, enterprise PTS: 1
DIF: Moderate
TOP: Business enterprise categories
4. ____________________ businesses purchase goods for resale to their customers. ANS: Merchandising PTS: 1
DIF: Easy
TOP: Business enterprise categories
5. ____________________ are merchandising businesses that sell their products directly to the final customer or consumers. ANS: Retailers PTS: 1
DIF: Easy
TOP: Business enterprise categories
6. ____________________ are merchandising businesses that sell their goods to retailers or other commercial users.