Question1. The income statement and balance sheet columns of Pine Co

1. 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 __________.

2. 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

3. If a company reports a net loss, it __________.

4. 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?

5. 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?

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

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

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

9. 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 _____.

10. Balance sheet accounts are considered to be __________.

11. What is the preparation of reports for each level of responsibility in the company’s organization chart called?

12. The cost principle is the basis for preparing financial statements because it is __________.

13. Which one of the following items is not generally used in preparing a statement of cash flows?

14. 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?

15. To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.

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

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

18. There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.

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

20. Game theory is important for the understanding of __________.

21. When a firm sells a good or a service, the sale contributes to the nation’s income __________.

22. Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?

23. The open-economy macroeconomic model includes __________.

24. The principal lag for monetary policy __________.

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

26. The open-economy macroeconomic model examines the determination of __________.

27. The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the:

28. An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):

29. ABC International carefully watches the actions of its most innovative competitor and learns from

30. Which of these represent skills that managers need?

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

32. 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:

33. 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:

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. Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?

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

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

39. A manager’s ability to stimulate people to be high performers is referred to as:

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

41. Which of the following best describes a mental image of a possible and desirable future state of the organization?

42. In a random sample of 810 women employees, it is found that 81 would prefer working for a female boss. The width of the 95% confidence interval for the proportion of women who prefer a female boss is _____.

43. Independent events A and B would be consistent with which of the following statements:

a. P (A) = .3, P (B) = .5, P (A B) = .4

b. P (A) = .4, P (B) = .3, P (A B) = .5

c. P (A) = .4, P (B) = .5, P (A B) = .2

d. P (A) = .5, P (B) = .4, P (A B) = .3

44. From its 32 regions, the Federal Aviation Administration selects 5 regions, and then randomly audits 20 departing commercial flights in each region for compliance with legal fuel and weight requirements. This is __________.

45. Use the following table to answer question:

P(S | W) is approximately _____.

46. To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________.

47. Sampling error can be reduced by __________.

48. A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. Which conclusion is not correct?

49. Likely reasons for inaccurate control limits would include which of the following?

50. Assume that the arrival of airplanes at a one-runway airport is a Poisson distribution with a mean rate of = 8 planes per hour. The landing time is an exponential distribution with a mean of 5 minutes per plane. What is the mean number of planes in the system?

51. Which one of the following statements concerning production and staffing plans is best?

52. A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. If we fit a linear trend to data that are growing exponentially __________.

53. The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel.

54. It is very difficult to manage data for which of the following reasons?

55. When customers access a Web site and make purchases, they generate __________.

56. A set of programs that enable the hardware to process data is _____.

57. What is _____ is not necessarily _____.

58. Which of the following is not a reason that managers need IT support?

59. _____ is the efficient and effective execution of specific tasks.

60. _____ is the acquisition and efficient use of resources in accomplishing organizational goals.

61. Geocoding is __________.

62. Which of the following statements about information systems is not correct?

63. Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows:

Cost of debt 8%

Cost of preferred stock 12%

Cost of common stock 16%

Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?

64. Disadvantages of using current liabilities as opposed to long-term debt include:

65. Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share?

66. Which of the following is most consistent with the hedging principle in working capital management?

67. Bell Weather, Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM, what is the required return on this stock?

68. According to the hedging principle, permanent assets should be financed with _____ liabilities.

69. An increase in future value can be caused by an increase in the __________.

70. At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years?

71. If the quote for a forward exchange contract is greater than the computed price, the forward contract is:

72. What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments.

73. Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.

Year Net Cash Flow

1 $1,000

2 $1,500

3 $ 500

74. Which of the following best represents operating income?

75. Which of the following best represents the stream of income that is available to common stockholders?

76. When doing “positioning,” a marketing manager should:

77. The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:

78. In comparison to the buying of final consumers, the purchasing of organizational buyers:

79. The economists’ view of buyers:

80. Clustering techniques applied to segmenting markets __________.

81. A cluster analysis of the “toothpaste market” would probably show that:

82. Marketing:

83. A firm’s “marketing mix” decision areas would NOT include:

84. Analysis of demographic dimensions:

85. When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

86. When looking at demographic dimensions, marketers should:

87. The basic objective of the U.S. market-directed economic system is to:

88. Minimum wages, hours of employment, and child labor are regulated by the:

89. Probable cause is most directly associated with which step of the criminal process?

90. In a criminal proceeding, what is the difference between an indictment and an information?

91. Which of the following statements is generally not true about state intermediate appellate courts?

92. Overtime pay is required to be paid to nonexempt employees who work:

93. What makes a publicly held corporation different from a public corporation?

94. A “closely held corporation” is a corporation that is owned by:

95. What was the holding of the U.S. Supreme Court in its 2000 decision regarding a Massachusetts law affecting firms doing business with the nation of Myanmar (formerly Burma)?

96. Which of the following is not one of the Caux Round Table Principles for International Business?

97. Which of the following terms is not required to be disclosed under the Truth-in-Lending Act?

98. Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

99. Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

100. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States

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