WGU C201 Study guides, Class notes & Summaries

WGU C201 Business Acumen (Western Governors University MSML Class Vocab & Complete Study Guide For UWC2)

WGU C201 Exam Questions With 100% Correct Answers

WGU C201 BUSINESS ACUMEN questions & Answers 2024 ( A+ GRADED 100% VERIFIED)

WGU C201 Business Acumen Objective Assessment questions & Answers 2024 ( A+ GRADED 100% VERIFIED)

Production - Answer Begins with inputs + add value = produce a good or service. Operations Management - relates to this process. Why is production such an important business activity? - Answer Without products to sell, companies cannot generate money. Goal: lower the cost of production, boost the quality of goods and services, respond dependably to customers, and continuously improve. In what ways does production create value for the company and its customers? - Answer Can lower ...

Marketing - Answer The process for discovering unmet customer needs, researching potential markets, producing goods or services to satisfy targeted customers, promoting, pricing, and distributing. The organizational function and set of processes for creating, communicating and delivering value to customers, managing customer relations, advocates ideas or viewpoints and educating others. How does marketing create utility? - Answer Creates time, place, and ownership utility. Utility: abi...

Current assets / current liabilities - Answer Current Ratio Current assets - minus inventory / current liabilities - Answer Acid Test (Quick) Ratio Current assets $250 Inventory $20 Current Liabilities $100 250-20=230 230/100=2.2 $2.20 assets for every $1 in liabilities Acid Test (Quick) Ratio and Current Ratio - Answer Liquidity Ratios Inventory Turnover, Receivables Turnover, and Total Asset Turnover - Answer Activity Ratios Cost of goods sold / average inventory - A...

Accounting - Answer Process of measuring, interpreting, and communicating financial information to enable people inside and outside the firm to make informed decisions. Accounting Cycle - Answer Set of activities involved in converting information and individual transactions into financial statements. Accounting Equation/Accounting Identity - Answer Formula that states Assets must equal Liabilities plus Owners' Equity. Assets - Answer Liabilities + Owners' Equity Accrual Ac...

Which part of the organizing process aids in effective and efficient progress toward planned goals and often results in changes within the organization? - Answer Evaluating results What is the result of a company increasing the delegation of authority and the span of control? - Answer Increased decision-making authority given to employees Which two key elements does an effective organization include? - Answer Human interaction Structure Why does a line organizational structure fu...

Human Interaction & Structure - Answer Which two key elements does an effective organization include? It establishes a direct flow of authority - Answer Why does a line organization structure function most effectively in a crisis situation? Departmentalization - Answer A company might divide itself into smaller groups that best match the types of customers it serves. What is this an example of? Achievement of company goals - Answer Which primary driver does management use for an...

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