Question 1. A well-designed activity-based costing system starts with ____

1. A well-designed activity-based costing system starts with __________.

2. What effect do current technology changes have on managerial accounting?

3. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

4. The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

The net income (or loss) for the period is __________.

5. The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________.

6. Managerial accounting __________.

7. H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

8. The cost principle requires that when assets are acquired, they be recorded at __________.

9. Which one of the following is a product cost?

10. What exists when budgeted costs exceed actual results?

11. The primary purpose of the statement of cash flows is to __________.

12. Multinational corporations __________.

13. 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?

14. What exists when budgeted costs exceed actual results?

15. A logical starting point from which the study of international trade begins is __________.

16. Which of the following statements about GDP is correct?

17. In economics, the cost of something is __________.

18. One characteristic of an oligopoly market structure is:

19. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.

20. The price of a good that prevails in a world market is called the

21. A rational decision maker __________.

22. Many U.S. business leaders argue that the current state of U.S. net exports is the result of __________.

23. The political business cycle refers to __________.

24. The part of the balance of payments account that lists all long-term flows of payments is called the:

25. The model of aggregate demand and aggregate supply explains the relationship between __________.

26. The part of the balance of payments account that lists all long-term flows of payments is called the:

27. Most economists use the aggregate demand and aggregate supply model primarily to analyze __________.

28. ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by:

29. Which of the following statements does NOT support Total Quality Management?

30. As related to managing of human resources, diversity refers to:

31. A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

32. Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain:

33. Teams that operate separately from the regular work structure and exist temporarily are known as:

34. 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:

35. Building a dynamic organization is another way of describing which function of management?

36. The pursuit of lucrative opportunities by enterprising individuals is called:

37. Teams that work on long-term projects but disband once the work is completed are known as:

38. Which of these represent skills that managers need?

39. 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?

40. The most dominant areas in the global economy include:

41. 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?

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. 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

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