BUS 475 FINAL EXAM 100 MCQS
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BUS 475 FINAL EXAM 100 MCQS
1) A well-designed activity-based costing system starts with
__________.
A. analyzing the activities performed to manufacture
a product
B. assigning manufacturing overhead costs for each
activity cost pool to products
C. computing the activity-based overhead rate
D. identifying the activity-cost pools
2) “Generally accepted” in the phrase generally accepted
accounting principles means that the principles __________.
A. have been approved for use by the managements of
business firms
B. have been approved by the Internal Revenue
Service
C. have substantial authoritative support
D. are proven theories of accounting
3) The income statement and balance sheet columns of Pine
Company’s worksheet reflects the following totals:
Income
Statement
Balance Sheet
Dr.
Cr.
Dr. Cr.
Totals
$58,000
$48,000
$34,000 $44,000
The net income (or loss) for the period is __________.
A. not determinable
B. $10,000 loss
C. $10,000 income
D. $48,000 income
4) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building)
$150,000
Land (held for future use) 225,000
Corporate Office Building 900,000
Inventory 300,000
Equipment 675,000
Office Furniture 150,000
Accumulated Depreciation 450,000
What is the net amount of property, plant, and equipment that
will appear on the balance sheet?
A. $1,425,000
B. $1,950,000
C. $2,400,000
D. $1,650,000
5) The first step in activity-based costing is to __________.
A. identify the cost driver that has a strong
correlation to the activity cost pool
B. assign manufacturing overhead costs for each
activity cost pool to products
C. identify and classify the major activities
involved in the manufacture of specific products
D. compute the activity-based overhead rate per cost
driver
6) Hess, Inc. sells a single product with a contribution margin
of $12 per unit and fixed costs of $74,400 and sales for the current year of
$100,000. How much is Hess’s break even point?
A. 2,133 units
B. 4,600 units
C. 6,200 units
D. $25,600
7) Sam’s Used Cars uses the specific identification method of
costing inventory. During March, Sam purchased three cars for $6,000, $7,500,
and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam
determines that at March 31, the $9,750 car is still on hand. What is Sam’s
gross profit for March?
A. $8,250
B. $5,250
C. $750
D. $4,500
8) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building)
$100,000
Land (held for future use) 150,000
Corporate Office Building 600,000
Inventory 200,000
Equipment 450,000
Office Furniture 100,000
Accumulated Depreciation 300,000
What is the net amount of property, plant, and equipment that
will appear on the balance sheet?
A. $950,000
B. $1,300,000
C. $1,600,000
D. $1,100,000
9) The income statement and balance sheet columns of Pine
Company’s worksheet reflects the following totals:
Income
Statement
Balance Sheet
Dr.
Cr.
Dr. Cr.
Totals
$58,000
$48,000
$34,000 $44,000
Closing entries are necessary for __________.
A. permanent or real accounts only
B. permanent accounts only
C. both permanent and temporary accounts
D. temporary accounts only
10) As Plant Controller, you are trying to determine which costs
over which you have the most control on a day to day basis. Your goal is to
achieve better profitability. The Plant Operations Manager suggests that
overhead is the easiest area to directly reduce costs. Which of the following
items would be classified as manufacturing overhead?
A. The western division’s vice president’s salary
B. Factory janitor
C. Cost of landscaping the corporate office
D. General corporate liability insurance
11) The cost of an asset and its fair market value are
__________.
A. the same on the date of acquisition
B. never the same
C. the same when the asset is sold
D. irrelevant when the asset is used by the business
in its operations
12) One of Astro Company’s activity cost pools is machine
setups, with estimated overhead of $150,000. Astro produces sparklers (400
setups) and lighters (600 setups). How much of the machine setup cost pool
should be assigned to sparklers?
A. $90,000
B. $150,000
C. $60,000
D. $75,000
13) The cost principle is the basis for preparing financial
statements because it is __________.
A. the most accurate measure of purchasing power
B. a conservative value
C. relevant and objectively measured, and verifiable
D. an international accounting standard
14) Which one of the following items is not generally used in
preparing a statement of cash flows?
A. Additional information
B. Adjusted trial balance
C. Comparative balance sheets
D. Current income statement
15) To move the allocation of resources closer to the social
optimum, policymakers should typically try to induce firms in an oligopoly to
__________.
A. cooperate rather than compete with each other
B. collude with each other
C. form various degrees of cartels
D. compete rather than cooperate with each other
16) Assume oligopoly firms are profit maximizers, they do not
form a cartel, and they take other firms’ production levels as given. Then in
equilibrium the output effect __________.
A. can be larger or smaller than the price effect
B. must dominate the price effect
C. must be smaller than the price effect
D. must balance with the price effect
17) The price of a good that prevails in a world market is
called the
A. world price.
B. absolute price.
C. relative price.
D. comparative price.
18) A country’s consumption possibilities frontier can be
outside its production possibilities frontier if __________.
A. the country imports more than it exports
B. the country’s technology is superior to the
technologies of other countries
C. the citizens of the country have a greater desire
to consume goods and services than do the citizens of other countries
D. the country engages in trade
19) When, in a particular market, the law of demand and the law
of supply both apply, the imposition of a binding price ceiling in that market
causes quantity demanded to be __________.
A. double the quantity supplied
B. less than quantity supplied
C. greater than quantity supplied
D. equal to quantity supplied
20) If a binding price ceiling were imposed in the computer
market, __________.
A. the quality of computers would increase
B. the supply of computers would decrease
C. the demand for computers would increase
D. a shortage of computers would develop
21) For a college student who wishes to calculate the true costs
of going to college, the costs of room and board __________.
A. plus the cost of tuition, equals the opportunity
cost of going to college
B. should be counted only to the extent that they
are more expensive at college than elsewhere
C. should be counted in full, regardless of the
costs of eating and sleeping elsewhere
D. usually exceed the opportunity cost of going to
college
22) In the market for foreign-currency exchange in the open
economy macroeconomic model, the amount of net capital outflow represents the
quantity of dollars __________.
A. demanded for the purpose of importing foreign
goods and services
B. supplied for the purpose of buying assets abroad
C. supplied for the purpose of selling assets
domestically
D. demanded for the purpose of buying U.S. net
exports of goods and services
23) The part of the balance of payments account that records the
amount of foreign currency the government buys or sells is the:
A. balance of trade.
B. financial and capital account.
C. current account.
D. government financial account.
24) The balance of payment account is made up of:
A. a monetary account and a fiscal account.
B. an import account and an export account.
C. a current account and a financial and capital
account.
D. an investment account and a consumption account.
25) The model of aggregate demand and aggregate supply explains
the relationship between __________.
A. real GDP and the price level
B. unemployment and output
C. the price and quantity of a particular good
D. wages and employment
26) The open-economy macroeconomic model includes __________.
A. neither the market for loanable funds or the
market for foreign-currency exchange
B. only the market for foreign-currency exchange
C. only the market for loanable funds
D. both the market for loanable funds and the market
for foreign-currency exchange
27) The principal lag for monetary policy __________.
A. is the time it takes for policy to change
spending. The principal lag for fiscal policy is the time it takes to implement
it
B. is the time it takes to implement policy. The
principal lag for fiscal policy is the time it takes for policy to change spending
C. and fiscal policy is the time it takes for policy
to change spending
D. and fiscal policy is the time it takes to
implement policy
28) Which of the following best describes a mental image of a
possible and desirable future state of the organization?
A. Horizontal communication
B. Vertical communication
C. Vision
D. Mission
E. Leadership
29) Sebastian Stabilio just joined a team of people from
throughout his organization whose primary task is to recommend valuable uses
for the scrap generated in the manufacturing process. The team meets twice per
week; otherwise members work within the usual organizational structure. The
team, not permanent, which Sebastian has joined, would be considered a:
A. Parallel team
B. Project team
C. Working group
D. Work team
E. Project group
30) An invisible barrier that makes it difficult for certain
groups, such as minorities and women, to move beyond a certain level in the
organizational hierarchy is referred to as the:
A. Glass floor
B. Job enlargement concept
C. Glass ceiling
D. Black box theory
E. Job enrichment theory
31) The term used to refer to all kinds of differences including
religious affiliation, age, disability status, economic class and lifestyle in
addition to gender, race, ethnicity and nationality is:
A. Managerial ethics
B. Recruiting
C. Employment
D. Diversity
E. Selection
32) Which of the following has proven to be a particularly good
predictor for jobs that require cognitive complexity?
A. behavioral assessment
B. aptitude tests
C. integrity evaluations
D. intelligence tests
E. work sampling
33) To be competitive in a global economy, Europeans must
increase their level of:
A. Financial subsidy
B. Philanthropic contributions
C. Productivity
D. Population density
E. Espionage activity
34) Teams that operate separately from the regular work
structure and exist temporarily are known as:
A. Transnational teams
B. Management teams
C. Self-managed teams
D. Self-designing teams
E. Parallel teams
35) A manager’s ability to stimulate people to be high
performers is referred to as:
A. Supervising
B. Planning
C. Controlling
D. Leading
E. Organizing
36) The best way for an employer to find out if a potential
employee can do a job is by __________.
A. using a performance simulation test
B. using the interview process
C. administering an IQ test
D. having them spend a day in the office
E. using a written test
37) Your roommate is interested in starting a business and everybody
has been giving him different information about being an entrepreneur. Since
you have been studying about entrepreneurship and new ventures, which of these
would you tell him is true?
A. All entrepreneurs need venture capital in order
to get started
B. Anyone can start a business
C. Successful entrepreneurs take very careful,
calculated risks
D. Money should not be considered a start-up
ingredient
E. Entrepreneurs are their own bosses and completely
independent
38) One study found that manufacturing labor costs about _____
an hour in China, compared to _____ dollars in the United States.
A. Less than $1; about 40
B. Less than $1; about 15
C. $2; about 25
D. Less than $1; about 25
E. About $2; about 15
39) One of the most important contributors to total quality
management has been the introduction of statistical tools to analyze the causes
of product defects in an approach called:
A. Organic
B. Six Sigma Quality
C. Mechanistic
D. ISO 9000
E. Total quality integration
40) __________ is the process of working with people and
resources to accomplish organizational goals.
A. Supervising
B. Planning
C. Decision making
D. Controlling
E. Management
41) The Aquatic Center, Inc. periodically reviews the goals of
the company. During the process, The Aquatic Center managers analyze their
current strategies as compared to their competitors, determine goals that they
will pursue and decide upon specific actions for each area of the company to
take in pursuit of these goals. The Aquatic Center managers have been engaged
in the management function of:
A. Staffing
B. Planning
C. Organizing
D. Controlling
E. Goal Coordination
42) William used a sample of 68 U.S. cities to estimate the
relationship between Crime (annual property crimes per 100,000 persons) and
Income (median income per capita). His estimated regression equation was Crime
= 428 + .050 Income.
Assuming b1 is significant, if Income decreases by 1000 we would
predict that Crime will __________.
A. increase by 428
B. decrease by 50
C. increase by 500
D. increase by 50
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