ADMS 1010 FINAL EXAM STUDY GUIDE
Intermediary - Answers - A person who acts as a link between people, in order to bring
about an agreement
Accounting - Answers - The measurement, processing, and communication of financial
information about economic entities such as businesses and corporations
Finance - Answers - Is a field that deals with the study of investments; the science of
money management
Three sub-categories of finance - Answers - 1. Public finance
2. Corporate finance
3. Personal finance
Balanced Scorecard - Answers - Measurement of organizational performance in four
equally important areas: finances, customers, internal operations, and innovation and
learning
What you measure is what you get
Money - Answers - Anything that serves as a medium of exchange, a unit of account,
and a store of value
Value Chain - Answers - A process by which a valuable product or service is created
Input -> Transformation Process -> Output
Scientific Management (Taylorism) - Answers - The application of scientific principles to
increase efficiency in the workplace
Three Major Principles of Scientific Management - Answers - 1. Division of Labour
2. Standardization
3. Strict supervision of manual labourers
Fordism - Answers - System of standardized mass production attributed to Henry Ford.
Three major principles of Fordism - Answers - 1. Standardization
2. Moving Assembling line
3. Higher wages
Management Science - Answers - The use of analytical methods to make better
management decisions (Operations resesearch)
, Supply Chain Management - Answers - Managing the flow of goods both within and
outside the firm from point of origin to point of consumption (raw materials to finished
goods)
Integrates procurement, logistics, operations, and information technology
International Business - Answers - Management of business activities that cross
national boundaries
Economic Globalization - Answers - The increasing economic integration and
interdependence of national, regional and local economies across the world through an
intensification of cross-border movement of goods, services, technologies and capital.
Financial Reporting - Answers - Prepared by GAAP
Balance Sheet - Answers - A financial statement that reports assets, liabilities, and
owner's equity on a specific date
Financial Accounting - Answers - Summary, analysis and reporting of financial
transactions
Management Accounting - Answers - Use of accounting information to make better
management decisions
Auditing - Answers - Independent examination of an organization's accounts
Rival Causes - Answers - A difference between groups, correlation
Claim - Answers - An assertion, usually supported by evidence
The date CPA was made - Answers - October 1st, 2014
Public Finance - Answers - Addresses the role of government in the economy
Corporate Finance - Answers - Funding of corporations and investment banking
Personal Finance - Answers - Financial management for individuals and families
Retail Banks - Answers - A full service banking for individuals and businesses
Investment Banks - Answers - Helps client raise financial capital
What is Money? - Answers - A collective, shared perception of value
Closed-Systems - Answers - Fully self-contained and self-sufficient
Intermediary - Answers - A person who acts as a link between people, in order to bring
about an agreement
Accounting - Answers - The measurement, processing, and communication of financial
information about economic entities such as businesses and corporations
Finance - Answers - Is a field that deals with the study of investments; the science of
money management
Three sub-categories of finance - Answers - 1. Public finance
2. Corporate finance
3. Personal finance
Balanced Scorecard - Answers - Measurement of organizational performance in four
equally important areas: finances, customers, internal operations, and innovation and
learning
What you measure is what you get
Money - Answers - Anything that serves as a medium of exchange, a unit of account,
and a store of value
Value Chain - Answers - A process by which a valuable product or service is created
Input -> Transformation Process -> Output
Scientific Management (Taylorism) - Answers - The application of scientific principles to
increase efficiency in the workplace
Three Major Principles of Scientific Management - Answers - 1. Division of Labour
2. Standardization
3. Strict supervision of manual labourers
Fordism - Answers - System of standardized mass production attributed to Henry Ford.
Three major principles of Fordism - Answers - 1. Standardization
2. Moving Assembling line
3. Higher wages
Management Science - Answers - The use of analytical methods to make better
management decisions (Operations resesearch)
, Supply Chain Management - Answers - Managing the flow of goods both within and
outside the firm from point of origin to point of consumption (raw materials to finished
goods)
Integrates procurement, logistics, operations, and information technology
International Business - Answers - Management of business activities that cross
national boundaries
Economic Globalization - Answers - The increasing economic integration and
interdependence of national, regional and local economies across the world through an
intensification of cross-border movement of goods, services, technologies and capital.
Financial Reporting - Answers - Prepared by GAAP
Balance Sheet - Answers - A financial statement that reports assets, liabilities, and
owner's equity on a specific date
Financial Accounting - Answers - Summary, analysis and reporting of financial
transactions
Management Accounting - Answers - Use of accounting information to make better
management decisions
Auditing - Answers - Independent examination of an organization's accounts
Rival Causes - Answers - A difference between groups, correlation
Claim - Answers - An assertion, usually supported by evidence
The date CPA was made - Answers - October 1st, 2014
Public Finance - Answers - Addresses the role of government in the economy
Corporate Finance - Answers - Funding of corporations and investment banking
Personal Finance - Answers - Financial management for individuals and families
Retail Banks - Answers - A full service banking for individuals and businesses
Investment Banks - Answers - Helps client raise financial capital
What is Money? - Answers - A collective, shared perception of value
Closed-Systems - Answers - Fully self-contained and self-sufficient
