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1) The cost principle requires that when assets are acquired, they be recorded at __________.
A. list price
B. selling price
C. exchange price paid
D. appraisal value
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 standards and rules that are recognized as a general guide for financial reporting are
called __________.
A. standards of financial reporting
B. operating guidelines
C. generally accepted accounting principles
D. generally accepted accounting standards
4) 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 Sams gross profit for March?
A. $8,250
B. $750
C. $4,500
D. $5,250
5) 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 Hesss break even point?
A. 2,133 units
B. 6,200 units
C. $25,600
D. 4,600 units
6) 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?
C. increasing the production of one good by x units entails no opportunity cost in terms of the
other good
D. increasing the production of one good by x units entails a constant opportunity cost in terms
of the other good
18) In economics, the cost of something is __________.
A. what you give up to get it
B. often impossible to quantify, even in principle
C. the dollar amount of obtaining it
D. always measured in units of time given up to get it
19) A tax on an imported good is called a __________.
A. supply tax
B. trade tax
C. quota
D. tariff
20) Which of the following statements about GDP is correct?
A. GDP is to a nations economy as household income is to a household.
B. GDP increases if the total population increases.
C. GDP measures two things at once: the total income of everyone in the economy and the
unemployment rate.
D. Money continuously flows from households to government and then back to households, and
GDP measures this flow of money.
21) In computing GDP, market prices are used to value final goods and services because
__________.
A. if market prices are out of line with how people value goods, the government sets price
ceilings and price floors
B. Market prices are not used in computing GDP
C. market prices reflect the values of goods and services
D. market prices do not change much over time, so it is easy to make comparisons between
years
22) Which of the following statements about GDP is correct?
A. Nominal GDP values production at market prices, whereas real GDP values production at the
cost of the resources used in the production process.
B. Nominal GDP consistently underestimates the value of production, whereas real GDP
consistently overestimates the value of production.
C. Nominal GDP values production at current prices, whereas real GDP values production at
constant prices.
D. Nominal GDP values production at constant prices, whereas real GDP values production at
current prices.
28) Managers will utilize __________ skills with increasing frequency as they risewithin an
organization.
A. Professional
B. Interpersonal and communication
C. Technical
D. Professional
E. Conceptual and decision
29) Which of these represent skills that managers need?
A. Interpersonal, quantitative, and professional
B. Technical, interpersonal & communication and conceptual & decision making
C. Professional, technical and interpersonal & communication
D. Conceptual & decision making, professional and technical
E. Interpersonal & communication, conceptual & decision making and professional
30) Building a dynamic organization is another way of describing which function of
management?
A. Staffing
B. Organizing
C. Leading
D. Controlling
E. Planning
31) 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. Anyone can start a business
B. All entrepreneurs need venture capital in order to get started
C. Successful entrepreneurs take very careful, calculated risks
D. Entrepreneurs are their own bosses and completely independent
E. Money should not be considered a start-up ingredient
32) 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. Diversity
B. Managerial ethics
C. Recruiting
D. Employment
E. Selection
38) Teams that operate separately from the regular work structure and exist temporarily are
known as:
A. Management teams
B. Transnational teams
C. Self-managed teams
D. Parallel teams
E. Self-designing teams
39) 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. Goal Coordination
B. Controlling
C. Organizing
D. Staffing
E. Planning
40) As related to managing of human resources, diversity refers to:
A. Differences in demographics (such as age, race, gender, disability status, lifestyle, veteran
status, educational level, etc.)
B. Differences in pay methods (such as hourly, salaried, overtime, hazard-pay, commissioned,
etc.)
C. Differences in employee benefit plans (such as pensions, insurance, vacations,
memberships, etc.)
D. Differences in retention strategies (such as training, hiring, incentives, etc)
E. Differences in recruiting methods (such as newspapers, schools, flyers, magazines, agencies,
etc.)
41) __________ is the process of working with people and resources to accomplish organizational
goals.
A. Controlling
B. Decision making
C. Planning
D. Supervising
E. Management
42) Twelve randomly-chosen students were asked how many times they had missed class
during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, the median is _____.
A. 3
B. 3.5
C. 2.5
D. 2
43) Use the following table to answer question:
P(S | W) is approximately _____.
A. .40
B. .30
C. .12
D. .58
44) Use the following table to answer question:
P(M A) is approximately _____.
A. .50
B. .625
C. .125
D. .25
45) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a
certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean
battery life of 37.8 hours with a standard deviation of 5.4 hours.
In determining the p-value for reporting the study's findings, which of the following is true?
A. The p-value is equal to .05.
B. The p-value is greater than .05.
C. The p-value cannot be determined without specifying .
D. The p-value is less than .05.
46) 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.
Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in
2005 with
Y = number of robberies in each city (thousands of robberies) and
X = size of police force in each city (thousands of police)?
A. High R2 (due to city size).
B. Positive slope (due to city size).
C. No correlation.
D. Autocorrelation.
47) Twelve randomly-chosen students were asked how many times they had missed class
during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, which measure of central tendency is least representative of the typical
student?
A. Midrange
B. Mean
C. Mode
D. Median
48) Likely reasons for inaccurate control limits would include which of the following?
A. Process variation was not zero, as expected.
B. The engineering parameter for variance is unknown.
C. There was insufficient preliminary sampling.
D. The engineers were underpaid for their work.
49) You are faced with a linear programming objective function of:
Max P = $20X + $30Y
and constraints of:
3X + 4Y = 24 (Constraint A)
5X Y = 18 (Constraint B)
You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B
is 0. Which of these statements is TRUE?
A. The most you would want to pay for an additional unit of A would be $7.50.
B. You can change quantities of X and Y at no cost for Constraint B.
C. For every additional unit of the objective function you create, the price of A rises by $7.50.
D. For every additional unit of the objective function you create, you lose 0 units of B.
50) A project has three paths. ABC has a length of 25 days. ADC has a length of 15 days.
Finally, AEC has a length of 20 days. Which one of the following statements is TRUE?
A. The expected duration of this project is 25 + 15 + 20 = 60 days.
B. ADC is the critical path.
C. The expected duration of this project is 25 days.
D. ABC has the most slack.
51) Which one of the following statements concerning production and staffing plans is best?
A. A master production schedule is a projected statement of income, costs, and profits.
B. Aggregation can be performed along three dimensions: product families, labor, and time.
C. Production plans are based primarily on information from the master production plan.
D. A staffing plan is the intermediate link between the business plan and the master production
schedule.
52) While glancing over the sensitivity report, you note that the stitching labor has a shadow
price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right
hand value for stitching labor was 30 hours, you know that:
A. you would lose $80 if one of your workers missed an entire 8 hour shift.
B. the next worker that offers to work an extra 8 hours should receive at least $80.
C. you would be willing pay up to $60 for someone to work another 6 hours.
D. you can send someone home 6 hours early and still pay them the $60 they would have
earned while on the clock.
53) The costs of delivering products in the _____ channel are much higher than delivering
products in the _____ channel.
A. physical, digital
B. e-commerce, digital
C. physical, financial
D. digital, e-commerce
E. digital, physical
54) When customers access a Web site and make purchases, they generate __________.
A. Tracking cookies
B. Web data
C. Information
D. Clickstream data
E. Hyperlink data
55) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled
by information.
A. regionalization
B. globalization
C. nationalization
D. business environment
56) Various organizations that promote fair and responsible use of information systems often
develop __________.
A. a code of ethics
B. responsibility charters
C. a strategic plan
D. a mission statement
E. a goals outline
57) What is _____ is not necessarily _____.
A. Illegal, unethical
B. Unethical, legal
C. Ethical, illegal
D. Unethical, illegal
E. Ethical, legal
58) _____ provides users with a view of what is happening, where _____ addresses why it is
happening.
A. Multidimensional data analysis, structured query language
B. Multidimensional data analysis, neural networks
C. Data mining, multidimensional data analysis
D. Data mining, expert system
E. Multidimensional data analysis, data mining
59) Computer support is greatest for which of the following problems?
A. Semistructured and strategic planning
B. Semistructured and management control
C. Unstructured and operational control
D. Structured and operational control
E. Structured and management control
60) The management cockpit best exemplifies which type of system?
A. Decision support system
B. Functional area information system
C. Expert system
D. Digital dashboard
E. Group decision support system
61) _____ is the efficient and effective execution of specific tasks.
A. Operational control
B. Expertise
C. Management control
D. Strategic planning
E. Wisdom
62) Geocoding is __________.
A. accessing geographical information
B. integrating maps with spatially oriented databases and other databases
C. integrating organizational transactions with spatially oriented databases
D. programming spatially oriented databases
E. encrypting spatial information
E. Product.
80) __________ is a marketing management aid which refers to how customers think about
proposed and/or present brands in a market.
A. Brand familiarity
B. Positioning
C. Market scanning
D. Customer relationship management (CRM)
E. Market segmentation
81) The "four Ps" of a marketing mix are:
A. Production, Personnel, Price, and Physical Distribution
B. Promotion, Production, Price, and People
C. Potential customers, Product, Price, and Personal Selling
D. Product, Price, Promotion, and Profit
E. Product, Place, Promotion, and Price
82) When evaluating macro-marketing:
A. the evaluation is necessarily subjective.
B. the best approach is to consider the profit generated by individual firms within the overall
system.
C. one must determine how efficiently the society's resources are used.
D. one must consider the societys role in the marketing system.
E. one must consider each individual firm's role in the marketing system.
83) A cluster analysis of the "toothpaste market" would probably show that:
A. the broad product-market can be served effectively with one marketing mix.
B. most consumers are mainly concerned about brightness of teeth.
C. factors such as taste, price, and "sex appeal" are not important.
D. most consumers are concerned about cost.
E. different market segments seek different product benefits.
84) Clustering techniques applied to segmenting markets __________.
A. usually require computers to group people based on data from market research
B. remove the need for managerial judgment
C. eliminate the need for marketing managers to specify in advance what dimensions might be
relevant for grouping consumers
D. doesnt apply to demographic data
E. is time consuming and expensive
85) The three basic tasks of ALL managers, according to the text, are:
A. planning, staffing, and evaluating.
B. marketing, production, and finance.
C. execution, feedback, and control.
D. planning, implementation, and control.
E. hiring, training, and compensating.
86) The difference between target marketing and mass marketing is that target marketing:
A. means focusing on a small market.
B. focuses on short-run objectives, while mass marketing focuses on long-run objectives.
C. focuses on specific customers, while mass marketing aims at an entire market.
D. aims at increased sales, while mass marketing focuses on increased profits.
E. does not rely on e-commerce but mass marketing does.
87) When one considers the strategy decisions organized by the four Ps, branding is related to
packaging as:
A. store location is to sales force selection.
B. personal selling is to mass selling.
C. production is to marketing.
D. branding is to pricing.
E. pricing is to promotion.
88) Which of the following statements is not true under the Fair Labor Standards Act?
A. Children ages 16 and 17 may work unlimited hours in nonhazardous jobs.
B. Persons age 18 or over may work unlimited hours in nonhazardous jobs.
C. Children ages 14 and 15 may work limited hours in nonhazardous jobs.
D. Children under 14 cannot work at all, except on farms.
E. Persons age 18 or over may work unlimited hours in hazardous jobs.
89) Probable cause is most directly associated with which step of the criminal process?
A. Plea bargaining
B. Arraignment
C. Indictment
D. Arrest
E. Jury deliberations
90) Which of the following statements is generally not true about state intermediate appellate
courts?
A. The appellate court allows the parties to make oral arguments outlining their position.
B. The appellate court allows the parties to introduce new evidence so long as it was not
previously introduced at the original trial.
C. The appellate court usually allows the parties to file briefs outlining support for their
positions.
D. The appellate court reviews the record of the trial court.
E. Appellate court decisions are final and further appeal is not possible.
91) Which of the following terms need not be disclosed under Truth-in-Lending Act?
A. The terms available from competitors.
B. The total finance charge.
C. The cash price of the product.
D. The annual percentage rate (APR).
E. Amount of payments.
92) Which of the following activities by an administrative agency requires public notice and
participation?
A. Substantive rule making and statements of policy only.
B. Statements of policy only.
C. Substantive rule making and interpretive rule making only.
D. Substantive rule making only.
E. Substantive rule making, interpretive rule making, and statements of policy.
93) Which of the following is not one of the Caux Round Table Principles for International
Business?
A. Promotion of Multiculturalism.
B. Respect for the Environment.
C. Support for Multilateral Trade.
D. Avoidance of Illicit Operations.
E. Responsibility of Business Beyond Shareholders Toward Stakeholders.
94) The theory of business social responsibility that holds that a business owes duties solely to
produce the highest return for its shareholders is:
A. The corporate citizenship theory.
B. The moral minimum theory.
C. The social audit theory.
D. The stakeholder interest theory.
E. The maximizing profits theory.
95) Which social responsibility theory has been advocated by Novel Prizewinning economist
Milton Friedman?
A. Corporate citizenship.
B. Maximizing profits.
C. Corporate social audit.
D. Stakeholder interest.
E. Moral minimum.
96) Which of the following lists, in descending priority, of sources considered by most courts in
settling questions of international law?
A. Conventions, treaties, comity, customs
B. Treaties, customs, conventions, comity
C. Treaties, customs, conventions, comity
D. Conventions, comity, customs, general principles of law
E. Treaties, customs, general principles of law, judicial decisions and teachings
97) If the value of the collateral is less than the debt owed to the secured party, then:
A. The secured party gets to take some other property as collateral so his entire debt is
secured.
B. The secured party is still secured for the entire debt owed him.
C. The secured party is unsecured for the entire debt.
D. The secured party loses the excess of debt over the value of the security.
E. The secured party is unsecured for the excess of debt over the value of the security.
98) One study found that manufacturing labor costs about _____ an hour in China, compared to
_____ dollars in the United States.
A. $2; about 25
B. Less than $1; about 15
C. Less than $1; about 40
D. Less than $1; about 25
E. About $2; about 15
99) Which country does the text describe as becoming the largest producer and consumer of
many of the world's goods?
A. China
B. Japan
C. Ecuador
D. Mexico
E. Canada
100) Although the U.S. has had a longstanding agreement with _____ after the passage of
NAFTA, _____ became the United States' second largest trading partner.
A. Mexico, Venezuela
B. Canada, Venezuela
C. Great Britain, Paraguay
D. Mexico, Canada
E. Canada, Mexico