FSE2202 FINAL TERMS EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
ABC Method of Inventory Control
A method of classifying inventory items with categories, which are of high-value, less
costly, and/or low-cost items
Advertising
The art of making the public aware of the services or commodity that the business has
for sale
Advisory board
board makes the major decisions of the business
Artisan entrepreneur
An entrepreneur who primarily possesses technical knowledge, but has very little, if any,
business experience.
Articles of Partnership
A written document that states explicitly the rights and duties of partners in a
partnership.
Average Collection Period
A measure of the accounts receivable turnover
Book value
The cost of a fixed asset less accumulated depreciation
Board of Directors
The governing body that is elected by the stockholders of a corporation.
, Budgeting
The business function of effectively obtaining and using funds
Business Angels
Private investors who are willing to supply financing for new and/or risky small business
firms in a community.
Business Interruption Insurance
Insurance that protects companies during the period necessary to restore property
damaged by an insured peril.
Break-even point
The point at which total sales revenue equals total costs
Cash discount
Those discounts that are given for prompt payment.
Casualty
Provides monetary benefits to a business that has experienced an unforeseen peril
such as flood, fire, etc.
Circulating Capital
The current asset items consisting of cash, inventories, and accounts receivable
Collaborative
Everyone working together
Conflicted
Families who do not get along well in their business decisions/lease desired
Consumer credit
COMPLETE SOLUTIONS
ABC Method of Inventory Control
A method of classifying inventory items with categories, which are of high-value, less
costly, and/or low-cost items
Advertising
The art of making the public aware of the services or commodity that the business has
for sale
Advisory board
board makes the major decisions of the business
Artisan entrepreneur
An entrepreneur who primarily possesses technical knowledge, but has very little, if any,
business experience.
Articles of Partnership
A written document that states explicitly the rights and duties of partners in a
partnership.
Average Collection Period
A measure of the accounts receivable turnover
Book value
The cost of a fixed asset less accumulated depreciation
Board of Directors
The governing body that is elected by the stockholders of a corporation.
, Budgeting
The business function of effectively obtaining and using funds
Business Angels
Private investors who are willing to supply financing for new and/or risky small business
firms in a community.
Business Interruption Insurance
Insurance that protects companies during the period necessary to restore property
damaged by an insured peril.
Break-even point
The point at which total sales revenue equals total costs
Cash discount
Those discounts that are given for prompt payment.
Casualty
Provides monetary benefits to a business that has experienced an unforeseen peril
such as flood, fire, etc.
Circulating Capital
The current asset items consisting of cash, inventories, and accounts receivable
Collaborative
Everyone working together
Conflicted
Families who do not get along well in their business decisions/lease desired
Consumer credit
