Question1. 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 ac

1. 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?

2. Multinational corporations __________.

3. What is value chain management best defined as?

4. The major reporting standard for management accounts is __________.

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

6. 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?

7. 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?

8. These are selected account balances on December 31, 2008.

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

9. Balance sheet accounts are considered to be __________.

10. 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?

11. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

12. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

13. What exists when budgeted costs exceed actual results?

14. Managerial accounting __________.

15. Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________.

16. Resources are __________.

17. 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 __________.

18. A country’s consumption possibilities frontier can be outside its production possibilities frontier if __________.

19. A country’s consumption possibilities frontier can be outside its production possibilities frontier if __________.

20. If a price ceiling is a binding constraint on the market, __________.

21. Resources are __________.

22. The political business cycle refers to __________.

23. Real GDP __________.

24. In the market for foreign-currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________.

25. In general, the longest lag for __________.

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. To be competitive in a global economy, Europeans must increase their level of:

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

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

31. The best way for an employer to find out if a potential employee can do a job is by __________.

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 pursuit of lucrative opportunities by enterprising individuals is called:

35. 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:

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

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

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. Having individuals actually do the job they are applying for as a test to see if they can do it is __________.

41. To be competitive in a global economy, Europeans must increase their level of:

42. Which of the following statements is true?

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