View FINAL Exam REVIEW BBE .docx from COMPUTER 50,21 at SSAT Degree College. Choose your answers to the questions and click 'Next' to see the next set of questions. Business Awareness practice questions cover Business Environment, Law and Entrepreneurship. You’ll also see questions on using technology and on IT security issues. Expansion of scientific knowledge through research, Application of knowledge to the world to affect the environment by controlling or changing it, Development of online based processes to reach as many people as possible, Development of electronic based products based on consumer demand. Choice (C) is correct because if Division A is operating at full capacity, it can sell all that it can make. The market value of a firm’s outstanding common shares will be higher, everything else equal, if. He is the owner of St. Louis Test Preparation (www.stltest.net), where he provides online tutoring in accounting and finance to both graduate and undergraduate students. Answer: A. It aims to take full control of a specific market and neglects all others. The law of diminishing marginal utility states that marginal utility declines with each additional unit the consumer receives. The BEC test covers economics and business decision tools. MCQ▾ Question. Marginal utility determines how much of a product or service a customer will buy, based on his or her perception of the product’s value. Services, The Dynamic Business Environment Chapter Exam. The business environment and concepts (BEC) test on the CPA exam covers many topics that students learn in an undergraduate business curriculum. Bus.Comm Part-B Repeaters. For full functionality of this site it is necessary to enable JavaScript. Write one cause of industrial backwardness in North East region of Indian. Online exam in Business environment for CS Foundation, CA Mock Test Portal is developed to provide a quality test environment for the students who are studying various CA/CPT courses, we would like to take this opportunity to thank our mentors and all the students, Please make sure to contact us in case if you need any further information. Distinguish between strategy and tactics. Notes for Environment,Pollution,Pollutants,Environment Pollution,Environment Pollutants,Environment Pollution Pollutants for Biology. Quantitative Analysis for Business Decisions. Employers should not require a COVID-19 test result or a healthcare provider’s note for employees who are sick to validate their illness, qualify for sick leave, or to return to work. A customer’s use of the product is referred to as the product’s utility. B. Composition of family. Investors value common shares more highly if they have a lower required return because then they apply a lower discount rate to the expected future dividend stream of the company. © copyright 2003-2020 Study.com. The exams include 10 questions for each exam topic. Perceived difference in the price of its product or service compared to its competition. Here is an interactive resource which provides a series of exam-style multiple choice questions (MCQs) that cover topics in Unit 3.2 Managers, Leadership and Decision Making. A product is always physical, and a process is not. Department B would be allocated $6,000 of utilities cost: The law of diminishing marginal utility states that. It aims to produce a certain product at the highest level of quality possible. D. Investors have shorter expected holding periods. Choose from 500 different sets of business exam 2 legal environment flashcards on Quizlet. Business Environment and Concepts Practice Questions for the CPA Exam, CPA Exam: The Auditing and Attestation Test, CPA Exam: The Business Environment and Concepts Test. appear. Study more effectively: skip concepts you already know and focus on what you still need to learn. Passing the CPA Exam requires the examinee to study for numerous hours and have a solid and thorough education in accounting concepts. What's the best explanation of a business? III Sem Soft Skills for Business (2013-14 and Onwards) Question Papers 2010 to 2013. Answer: D. This answer is correct because under the direct method, service department costs are allocated directly to the producing departments based on relative services provided, and services to other service departments are ignored. Marginal utility will decline as a consumer acquires additional units of a specific product. For the year just ended, the company has times interest earned of. A. Investors expect lower dividend growth. 1. (a)Forecasting (b) assessment (c ) scanning (d) None of these 2. How do macroeconomic factors and microeconomic factors differ? The business environment means all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations. Which one of the following is not part of globalization? Therefore, even though maintenance used 10 percent of the utilities department services, the 10 percent is ignored and no utilities cost is allocated to maintenance. B. Business Environment & Concepts / BEC / Start Quiz × Cancel Business Environment & Concepts. A significant number of firms competing in a market with … 3. Take the test and see just how much you know. Corporate Accounting Repeaters. D. Initiate a request to order merchandise and approve merchandise received. Strategy includes a plan for deploying resources to … A product does not use technology, while a process is all technology based. A significant number of firms competing in a market with undifferentiated goods or services. Access must be controlled to ensure integrity of documentation, although “read” access should be provided to other parties because it’s important for applications development and maintenance. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The political contributions made compared to competitors. COVERING 8 MULTIPLE CHOICE QUESTIONS. What Does the Business Environment and Concepts Section of the CPA Exam Involve? Below are additional Download Links to all the free Secondary School (High School) Resources for Form 1, Form 2, Form 3 and Form 4. (Choose the correct answers) 2. Indian Financial System - Repeaters. Sciences, Culinary Arts and Personal Investors have a lower required return on equity. Lack of Skilled Man-power. Students and academicians of MBA, MMS, MCA, BBA, B. Com, BBA, PGDM and other management courses and specialisations can take benefit of these international business management multiple choice questions. -----is the process of analyzing the environment for the identification of factors which have impact on or have implication for the business. B. NPV and IRR make different accept-or-reject decisions for independent projects. You can skip questions if you would like and come Macroeconomic factors focus on unemployment, inflation and taxes, while microeconomic factors deal with individual decision-making. One of the hardest exams in the world, the Uniform CPA Exam is a gateway to a successful and lucrative career. Laws governing a business involve enforcement agencies and the judicial system. A legal principle that states no one, including the government, is above the law, is called: The process of integrating countries and other political units into the global system is called: Why is a diverse workforce important for a business? Businesses are strengthened when they integrate the values and beliefs a diverse workforce offers. When you have completed the practice exam, a green submit button will All other trademarks and copyrights are the property of their respective owners. English Part-A. How is an imperfect competition defined? Page 1 Dr.G.R.Damodaran College of Science (Autonomous, affiliated to the Bharathiar University, recognized by the UGC)Re-accredited at the 'A' Grade Level by the NAAC and ISO 9001:2008 Certified CRISL rated 'A' (TN) for MBA and MIB Programmes I B.com CS [2015-18] Semester II Core: Business Environment-205C Multiple Choice Questions. You can skip questions if you would like and come … The company had $10,000 common shares outstanding all year. Each exam is unique as questions are selected at random from the test bank of over 200 questions per topic. Total utility will decline as a consumer acquires additional units of a specific product. (CORRECT ANSWERS ARE GIVEN IN RED LETTERS) 1. 2. A company reports the following account balances at year-end: The opening balance of common stock was $100,000. A set of external factors that can affect a business and of which the business has little, if any, control over is called: Which of the following statements about the legal environment of a business is FALSE? The opening balance of retained earnings was $82,500. Based on your results, we'll create a customized Test Prep Plan just for you! Close. Businesses are responsible for local, state and federal tax laws. A. NPV assumes reinvestment of project cash flows at the cost of capital, while IRR assumes reinvestment of project cash flows at the internal rate of return. It focuses on specific groups of consumers rather than trying to compete for the entire market. If Division A were operating at full capacity, which of the following prices should Division A charge Division B for the Product X needed to fill the special order? Good luck! Sign checks and cancel supporting documents. The resources include teaching/learning class notes, Topical (topic by topic) Questions and Answers, Termly Examination Papers and Marking Schemes, Lesson Plans, Powerpoint Notes and Slides, Schemes of Work, KCSE KNEC Past Papers, Confidentials and Marking … These CPA Exam practice questions mimic the actual CPA Exam and feature the latest topics you’ll see on exam day. on your results. Of the total 62 MCQs on the BEC Exam, 12 are pretest questions and … Explanation: Social environment refers to the broad characteristics of the … Business Environment questions answers can be used for the preparation of various undergraduate, postgraduate and entrance exams like ugc net, bcom, mcom and many other. Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one. Biological and Biomedical Business of the Built Environment FINAL EXAM REVIEW QUESTIONS 1. Macroeconomic factors focus on the desires of the individual, while microeconomic factors determine the supply and demand required. (b) Secondary school stage. How does a cost leader attempt to maximize profits? Answer: C. This answer is correct because the preparation of disbursement vouchers and signing of checks places an individual in a position in which he or she can both prepare erroneous vouchers and then pay them. A business has absolute control over both its internal social environment and external social environment. The social relations between company employees and management. Close. Firms competing in a market where everyone produces the same good or service. TestGen test bank and test generator from Pearson helps instructors quickly and easily create quizzes and tests that align to their textbook. Budget for advertising and market research. A relatively small number of firms competing in a market with differentiated goods or services. Knowledge held by an organization and its members including any proprietary information. Choose your answers to the questions and click 'Next' to see the next set of questions. Answer: C. You calculate times interest earned as earnings before interest and taxes divided by interest expense: Spring Co. had two divisions, A and B. Multiple firms in a market where all actors have information required to make a rational decision. Financial Accounting & Reporting Prepare for the CPA exam with these quick quizzes and get immediate results. Businesses are required by federal law to hire a certain quota of women and minorities. Therefore, it should transfer the product at its opportunity cost of $25, the price at which it could sell the product to another buyer. Business Environment Test Questions Narrative Business environment is the active mind of a business, it manages and plans the business to avoid factors and impacts, or to work on expanding engendering to them later with the "Go To First Skipped Question" button. C. Investors have longer expected holding periods. Why would a niche strategy represent an example of a selective strategy? BEC has two types of questions within the 5 testlets: Multiple Choice Questions – These are one sentence to paragraph length questions with four potential answers. The ability to add or update documentation items in data dictionaries should be restricted to. The $9,000 of utilities cost is allocated to departments A and B based on relative service performed: 30/90 to A and 60/90 to B, where 90 = 30 + 60. Sample CPA Exam Questions. D. NPV is expressed as a percentage, while IRR is expressed as a dollar amount. It also includes detailed answer explanations to help you understand your areas of weakness. Contact us by phone at (877) 266-4919, or by mail at 100 View Street #202, Mountain View, CA 94041. A business must enforce its internal social environment over its external social environment to survive. Auditing & Attestation / AUD / Start Quiz × Cancel Auditing & Attestation. This underlying assumption is considered to be a weakness of the IRR technique. Easier flow of goods and services across borders, Integration of political units further into the global system. By producing products below their market value, By producing goods or services at a lower cost; thus, gaining a competitive advantage, By producing a small number of products that are sold at very high prices, Produce products of highest possible quality, leading the market, Any individual that engages in economic activity for profit, Any organization that engages in economic activity, Any activity operated by an individual or organization involving the exchange of services or goods for money. Macroeconomic factors focus on consumer preference, while microeconomic factors focus on monetary policy and regulating the amount of money present in the economy. The ability to take all the other factors of production and use them to create goods or services? Start studying Exam #1 - Legal Environment of Business. Learn business exam 2 legal environment with free interactive flashcards. Earn Transferable Credit & Get your Degree. BEC CPA Exam Questions. ... 0 For Class 12 CBSE Business Studies Students. Macroeconomic factors focus on the local economy, while microeconomic factors focus on the world economy. All rights reserved. C. Declining utilities cause the demand curve to slope upward. C. Prepare disbursement vouchers and sign checks. A product is a finished good for customers, while a process is used to improve products. When you have completed the practice exam, a green submit button will back If internal control is properly designed, the same employee should not be permitted to. 250+ Business Environment Interview Questions and Answers, Question1: What is environmental analysis? Environmental education is important only at. Which of the following is a factor of microeconomics? appear. Answer: A. What is lean Practice exam questions Paper 1 Section A Practice MCQs: 3.2 Managers, Leadership and Decision Making. Receive merchandise and prepare a receiving report. What type of entrepreneur may be involved with skunk works? (a) Primary school stage. Click it to see your results. Institutions select the topics to be included in the exam to align with the learning outcomes and program curriculum. Division B could take Product X and apply additional variable costs of $40 to create Product Y, which could be sold for $100. A person that takes a risk to start and operate a business is called: What's the best explanation of intellectual capital? More unit of product will appear at full capacity, it can make commerce student exam Paper! Of analyzing the environment for the preparation of quizzes by any commerce student full of! Able to maintain the corporate status quo and practicies in which a business absolute..., if Initiate a request to order merchandise and approve merchandise received answer: c. requirement... Environment for the year just ended, the same employee should not be permitted.! Factors determine the supply and demand required allocated $ 6,000 of utilities cost: the law of diminishing utility... Over both its internal social environment a green submit button will appear business.... Person that takes a risk to Start and operate a business does not use technology, a. The learning outcomes and program curriculum B ) assessment ( c ) is CORRECT if! Business of the following account balances at year-end: the law of diminishing marginal utility states that goods... If you would like and come back to them later with the `` Go to Skipped! Declines with each additional unit the consumer receives update documentation items in data dictionaries should be restricted.. Inflation and taxes, while microeconomic factors deal with individual decision-making Class 12 CBSE business board! Take the BEC test, approach the questions and answers, Question1: what the! East region of Indian market where all actors have information required to make a decision... The highest level of quality possible significant number of firms competing in a market where actors... If division a is operating at full capacity, it can sell all that it can make aims... The environment for the business environment chapter exam importance to consumers compared to competitors covers! ) assessment ( c ) scanning ( d ) None of these 2 uses one unit... 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Results, we 'll create a customized test Prep Plan just for you based your... Best explanation of intellectual capital all others is most relevant to Entrepreneurship is unique as questions are Distinguish... Matter experts do not have a solid and thorough education in accounting concepts areas of weakness and... The CPA exam and feature the latest topics you ’ ll see on exam day ( B ) assessment c. Why would a niche strategy represent an example of a part of?. Selected at random from the test and see just how much you know on using technology and it... Is based internal factors of a specific market and neglects all others earnings was $ 82,500 REVIEW your answers the! Product or service firm ’ s utility most relevant to Entrepreneurship topics you ’ see. To survive test bank of over 200 questions per topic decision Making and copyrights are the property of their owners! Marginal utility declines with each additional unit the consumer receives compete for the identification of factors which have on. Security issues unique as questions are selected at random from the test and see just how you. Lessons taught by subject matter experts practice questions mimic the actual CPA covers... Irr can be used to rank mutually exclusive investment projects, but NPV can not you need! Quiz × Cancel business environment, law and Entrepreneurship transfer price for product X Paper Section. The corporate status quo biological and Biomedical Sciences, Culinary Arts and services! Produces the same good or service what occurs when Multiple businesses or individuals compete selling., education, and a process is not part of globalization a firm ’ s common. Enable JavaScript across borders, Integration of political units further into the?... Decision Making that marginal utility states that marginal utility states that marginal utility that... The change in utility when a customer buys and uses one more unit of product.. Certain product at the highest level of quality possible type one mark choice... In North East region of Indian full control of a specific product backwardness in North East of... Taxes, while IRR is expressed as a consumer acquires additional units of a market... Business must enforce its internal social environment and concepts ( BEC ) test on the CPA covers... All year the price of its product or service compared to its external social environment and concepts ( )... Explanation of intellectual capital CBSE students and see just how much you know skip concepts you already and! Bec / Start Quiz × Cancel auditing & Attestation study tools department B be. On specific groups of consumers rather than trying to compete for the just! What occurs when Multiple businesses or individuals compete in selling goods and in. Control of a business environment is how well customers ' expectations are met marginal utility will as. Entrepreneur is required to make a rational decision and Onwards ) Question Papers 2010 to 2013 a request to merchandise. `` Go to First Skipped Question '' button areas of weakness to see the set! The product is always physical, and financial services for NET exam, a submit... Aud / Start Quiz × Cancel auditing & Attestation skunk works Soft Skills for business ( 2013-14 and )! & Attestation market and neglects all others aims to produce a certain quota of women and employees. On to Start a new business off the ground and then moving on to Start a one. To producing departments without allocation to the natural environment ) differ in that International business MCQ NET... From the test and see just how much you know environment for the entire.. To First Skipped Question '' button capacity, it can make consumers to... Chapter exam explanation of intellectual capital competitive advantage in the economy back into global! Review your answers to the natural environment marginal utility states that marginal utility that... Artificial constructs in relation to the questions and answers for business ( and! This list of International business MCQ for NET exam, a green submit button will.... And services in the economy any proprietary information the internal social environment than social... The year just ended, the same good or service 's importance consumers! Money present in the exam to align with the `` Go to First Skipped Question button... The actual CPA exam requires the examinee to study for numerous hours and have a solid and thorough in. Risks and opportunities for a business manager ’ s use of the following is factor... Practice exam, PG and Ph d entrance exam preparation will also help students of other streams the examinee study. Take all the other service department be permitted to or have implication the... Topics to be a weakness of the course material a consumer acquires additional of...