AS Associate Of Science In Business Administration 2

Question 1

Which financial statement shows a company's revenues and expenses over a specific period?

Accepted Answer

Income statement

Answer

The income statement (also called profit and loss statement) reports revenues, expenses, and net income over a reporting period.

Question 2

In marketing, the '4 Ps' framework includes Product, Price, Place, and:

Accepted Answer

Promotion

Answer

The classic marketing mix consists of Product, Price, Place, and Promotion, introduced by Jerome McCarthy.

Question 3

What is the primary role of a manager in the 'organizing' function of management?

Accepted Answer

Allocating resources and assigning tasks

Answer

Organizing involves structuring resources and tasks to achieve organizational objectives efficiently.

Question 4

Which business ownership structure provides limited liability to ALL owners while avoiding corporate double taxation?

Accepted Answer

Limited Liability Company (LLC)

Answer

An LLC combines limited liability protection with pass-through taxation, avoiding the double taxation faced by C-Corporations.

Question 5

In accounting, the matching principle requires that:

Accepted Answer

Expenses be recorded in the same period as the revenues they helped generate

Answer

The matching principle ensures expenses are recognized in the same accounting period as the revenues they helped produce.

AS - Associate In Science Degrees Practice Test