QUIZ 4 BUS-101 QUESTIONS WITH COPRRECT ANSWERS LATEST UPDATE 2026
Accounting - Answers recording, classifying, summarizing, and interpreting of financial events and
transactions to provide management and others interested the information they need to make good
decisions.
GAAP (Generally Accepted Accounting Principles) - Answers Accounting Rules to be followed in the
US.
accounting cycle - Answers a 6 step procedure that results in the preparation and analysis of the
major financial statements. (Between book-keeper & accountant).
6 steps of the accounting cycle (1st 3) - Answers 1. Analyze source documents (sales slips, travel
records, etc...)
2. Record transactions in journals
3. Transfer (post) journal entries to ledger
6 steps of the accounting cycle (2nd 3) - Answers 1. Take a trial balance
2. Prepare financial statements
3. Analyze financial statements
bookkeeping - Answers the recording of business transactions.
Double-entry bookkeeping - Answers the practice of writing every business transaction in 2 places;
don so they can check one list of transactions against the other for accuracy.
4 Major financial statements... - Answers 1. income statement
2. Balance sheet
3. Retained earning statement
4. The cash flow statement
B2B Marketers include: (4 things) - Answers 1. Manufacturers
2. Retailers
3. Hospitals, schools & nonprofits
4. Government
Factors that Affect Consumer Behavior: (5 things) - Answers 1. Learning
2. Reference group
3. Culture
4. Subculture
5. Cognitive dissonance
Consumer Decision-Making Process: (5 things) - Answers 1. Problem recognition
2. Information search
3. Evaluate alternatives
4. Purchase decision
5. Post purchase evaluation
ledger - Answers a specialized accounting book or computing program in which info from accounting
journals is accumulated into specific categories and posted so that managers can find all the
information about one account in the same place.
trial balance - Answers a summary of all the financial data in the account ledgers that ensures the
figures are correct and balanced.
Relationship marketing - Answers keeping individual customers over time by offering them products
that exactly meet their requirements.
mass marketing - Answers developing products & promotions to please large groups of people.
the consumer market is split into two... - Answers
1. mass marketing
2. relationship marketing - Answers
Volume (or usage) segmentation - Answers dividing the market usage (volume of use).
Benefit Segmentation - Answers dividing the market by determining which benefits of the product to
talk about.
Psychographic Segmentation - Answers dividing the market using the group's values, attitudes, and
interests.
Demographic segmentation - Answers dividing the market by age, income, and education level.
Geographic segmentation - Answers dividing the market by cities, counties, states, or regions.
target marketing - Answers marketing directed toward those groups an organization decides it can
serve profitably.
Accounting - Answers recording, classifying, summarizing, and interpreting of financial events and
transactions to provide management and others interested the information they need to make good
decisions.
GAAP (Generally Accepted Accounting Principles) - Answers Accounting Rules to be followed in the
US.
accounting cycle - Answers a 6 step procedure that results in the preparation and analysis of the
major financial statements. (Between book-keeper & accountant).
6 steps of the accounting cycle (1st 3) - Answers 1. Analyze source documents (sales slips, travel
records, etc...)
2. Record transactions in journals
3. Transfer (post) journal entries to ledger
6 steps of the accounting cycle (2nd 3) - Answers 1. Take a trial balance
2. Prepare financial statements
3. Analyze financial statements
bookkeeping - Answers the recording of business transactions.
Double-entry bookkeeping - Answers the practice of writing every business transaction in 2 places;
don so they can check one list of transactions against the other for accuracy.
4 Major financial statements... - Answers 1. income statement
2. Balance sheet
3. Retained earning statement
4. The cash flow statement
B2B Marketers include: (4 things) - Answers 1. Manufacturers
2. Retailers
3. Hospitals, schools & nonprofits
4. Government
Factors that Affect Consumer Behavior: (5 things) - Answers 1. Learning
2. Reference group
3. Culture
4. Subculture
5. Cognitive dissonance
Consumer Decision-Making Process: (5 things) - Answers 1. Problem recognition
2. Information search
3. Evaluate alternatives
4. Purchase decision
5. Post purchase evaluation
ledger - Answers a specialized accounting book or computing program in which info from accounting
journals is accumulated into specific categories and posted so that managers can find all the
information about one account in the same place.
trial balance - Answers a summary of all the financial data in the account ledgers that ensures the
figures are correct and balanced.
Relationship marketing - Answers keeping individual customers over time by offering them products
that exactly meet their requirements.
mass marketing - Answers developing products & promotions to please large groups of people.
the consumer market is split into two... - Answers
1. mass marketing
2. relationship marketing - Answers
Volume (or usage) segmentation - Answers dividing the market usage (volume of use).
Benefit Segmentation - Answers dividing the market by determining which benefits of the product to
talk about.
Psychographic Segmentation - Answers dividing the market using the group's values, attitudes, and
interests.
Demographic segmentation - Answers dividing the market by age, income, and education level.
Geographic segmentation - Answers dividing the market by cities, counties, states, or regions.
target marketing - Answers marketing directed toward those groups an organization decides it can
serve profitably.
