BUS 475 : Final Exams (300+ MCQs) Latest Updated Test Bank, University of Phoenix. - $21.99   Add to cart

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BUS 475 : Final Exams (300+ MCQs) Latest Updated Test Bank, University of Phoenix.

BUS/475 Sample Final Exam Test Bank 2020 This Sample Final Exam is provided as a resource to help familiarize students with the content areas and types of questions that they may encounter when they complete the comprehensive BUS/475 Final Exam in Week Five. The student version of the sample Final does not include the correct answers (as marked below in red). Please feel free to share the sample final questions and answers with your stu 1. Which of the following is NOT an element of manufacturing overhead? a. 1 Factory employee’s salary b. 0 Depreciation on the factory c. 0 Plant manager’s salary d. 0 Factory repairperson’s wages 2. What accounts are NOT classified in the current assets section of the balance sheet? a. 0 Cash b. 1 Accounts payable c. 0 Security deposits d. 0 Inventory 3. The starting point of a master budget is the preparation of the a. 0 cash budget. b. 1 sales budget. c. 0 production budget. d. 0 budgeted balance sheet. 4. What amounts are not included in Gross Margin? a. 1 Operating expenses b. 0 Sales c. 0 Cost of goods sold d. 0 Commissions paid 5. At what rate is the income statement converted for US $ comparison? a. 0 Month end b. 0 First day of the month rate c. 1 Average rate d. 0 It is not appropriate to convert to US $ 6. Which list below best describes the major services performed by public accountants? a. 0 Bookkeeping, mergers, and budgets b. 0 Employee training, auditing, and bookkeeping c. 1 Auditing, taxation, management consulting d. 0 Cost accounting, production scheduling, recruiting 7. Jaime Inc. manufactures 2 products, sweaters and jackets. The company has estimated its overhead in the order-processing department to be $180,000. The company produces 50,000 sweaters and 80,000 jackets each year. Sweater production requires 25,000 machine hours, jacket production requires 50,000 machine hours. The company places raw materials orders 10 times per month, 2 times for raw materials for sweaters and the remainder for raw materials for jackets. How much of the order-processing overhead should be allocated to jackets? a. 0 $90,000 b. 0 $120,000 c. 0 $110,770 d. 1 $144,000 8. ABC Bread sells a box of bagels with a contribution margin of 62.5%. Its fixed costs are $150,000 per year. How much sales dollars does ABC Bread need to break-even per year if bagels are its only product? a. 0 $93,750 b. 0 $150,000 c. 1 $240,000 d. 0 $90,000 9. What exists when budgeted costs exceed actual results? a. 0 A budgeting error b. 1 A favorable difference c. 0 An unfavorable difference d. 0 An excess profit 10. Disclosures about inventory should include each of the following EXCEPT a. 0 The basis of accounting b. 0 The costing method c. 1 The quantity of inventory d. 0 The major inventory classifications 11. Which of the following is NOT a part of the accounting process? a. 0 Recording b. 0 Identifying c. 1 Financial decision making d. 0 Communicating 12. The cost principle is the basis for preparing financial statements because it is a. 0 a conservative value. b. 1 relevant and objectively measured, and verifiable. c. 0 an international accounting standard. d. 0 the most accurate measure of purchasing power. BUS/475 Sample Final Exam 1. Data is considered invalid when a. 0 it is outdated. b. 0 it is inconsistent. c. 0 it is unreliable. d. 1 it does not measure the intended concept. 2. Data is considered reliable when a. 0 the test measures what we actually want to measure. b. 0 it is quantitative. c. 1 the measurement process is accurate and precise. d. 0 it is qualitative. 3. When the reported data is different from the actual data, there is a a. 0 reporting error. b. 0 sampling error. c. 1 response error. d. 0 computation error. 4. When measures of central tendency are not affected by extremely low or extremely high values? a. 0 Mean and median b. 0 Mean and mode c. 1 Mode and median d. 0 Standard deviation and mean 5. What is the relationship among the mean, median, and mode in a symmetric distribution? a. 1 All equal b. 0 Mean is always the smallest value c. 0 Mean is always the largest value d. 0 Mode is the largest value 6. Suppose you want to show the changes in the unemployment rate in the United States during 2000–2008. The most appropriate chart you would use will be a a. 0 pareto chart. b. 1 line chart. c. 0 bar chart. d. 0 pie chart. e. 0 All are suitable 7. If two events are independent, the probability that both occur is a. 0 0. b. 0 0.50. c. 0 1.00. d. 1 The multiple of probabilities of the two events. 8. What will happen to the width of a confidence interval if the sample size is doubled, from 100 to 200? a. 0 It will increase. b. 1 It will decrease. c. 0 It will remain the same. d. 0 It will double. 9. The shape of the F distribution is a. 0 symmetric. b. 1 skewed right. c. 0 skewed left. d. 0 the same as the t distribution. 10. The French Enterprise wants to market its product, Learn French in 5-Days. It has chosen television and radio to market this product. A 1-minute television ad costs 30,000 and a 1-minute radio add costs 5,000. The French Enterprise must decide how many television ads should be purchased. What are the decision variables? a. 0 x1 = television channels and x2 = radio channels b. 0 x1 = number of French students and x2 = number of English students c. 0 x1 = 30,000 and x2= 5,000 d. 1 x1 = number of 1-minute television ads and x2= number 1-minute radio ads 11. Which of these statements is NOT true about CPM and PERT? a. 1 In a project, if the duration of the activities is known we use PERT, if the duration is not known we use CPM. b. 0 CPM and PERT have been used in scheduling construction projects. c. 0 The predecessors are a set of activities that must be completed before an activity. d. 0 CPM and PERT have been used in building ships. 12. Which of these costs are involved in Inventory Modeling? a. 0 Unit purchasing costs b. 0 Ordering and setup costs c. 0 Holding costs d. 1 All of these 13. Opportunities for improvement are often found in eliminating waste, which area often attributes to waste? a. 0 Overproduction b. 0 Transportation c. 0 Inventory d. 0 None of these e. 1 All of these 14. Which of these statements is false? a. 0 Simulation imitates the real-world operations as it evolves over time. b. 0 Simulation is straightforward and easier than analytical models. c. 0 Simulation optimization is a slow process. d. 1 None of these BUS/475 Sample Final Exam 1. The marketing management process is the process of a. 0 planning marketing activities. b. 0 implementing marketing plans. c. 0 controlling marketing plans. d. 0 All of these e. 0 None of these 2. Segmenting in international markets can be more challenging than segmenting in domestic markets because a. 0 there is less diversity in the key segmenting dimensions. b. 0 there is often more data available about key segmenting dimensions. c. 0 critical data is often less available and less dependable. d. 0 international laws are different than domestic laws. e. 0 None of these 3. A detailed customer database, containing past purchases and other segmenting information, is used to focus marketing efforts on individual customers in a a. 0 clustering management systems. b. 0 product positioning matrix. c. 0 product differentiation matrix. d. 0 diversification management system. e. 0 customer relationship management system. 4. Dell, Inc. was to offer customers televisions in addition to computers. This is a change in their __________________ strategy? a. 0 pricing b. 0 promotional c. 0 personnel d. 0 product e. 0 placement 5. Which of the following statements about world population is TRUE? a. 0 In general, countries that have higher stages of development experience faster rates of growth than less-developed countries. b. 0 The extent to which a country’s population is clustered around urban areas DOES NOT vary much from country to country. c. 0 People are moving from rural areas into more industrial and urban areas. d. 0 The trend toward urbanization has made companies less interested in international markets. e. 0 All of these 6. Which of the following is TRUE: a. 0 The product “P” in the marketing mix stands for only physical goods. b. 0 The product “P” in the marketing mix stands for both physical goods and services. c. 0 The product “P” in the marketing mix stands for only tangible merchandise. d. 0 The product “P” in the marketing mix stands for both physical goods and tangible merchandise. e. 0 The product “P” in the marketing mix stands for only services. 7. Habitat for Humanity is considered which type of organizational customer? a. 0 Producer b. 0 Middleman c. 0 Government d. 0 Non Profit e. 0 Independent 8. Which of the following statements regarding marketing’s influence on values is FALSE? a. 0 Many companies refuse to use ads that would be offensive to their target customers. b. 0 Marketing never elevates the wrong values. c. 0 Many companies work hard to determine their customers’ beliefs and values. d. 0 Marketing tends to reflect social values in the short run. e. 0 Marketing tends to reinforce and enhance social values in the long run. 9. When a company grows globally, this is an example of a. 0 market development. b. 0 product development. c. 0 diversification. d. 0 market penetration. e. 0 mass marketing. BUS/475 Sample Final Exam 1. The present value of the dollar a. 1 increases with lower interest rates and decreases with longer periods of time. b. 0 increases with higher interest rates and decreases with longer periods of time. c. 0 increases with longer periods of time and increases with shorter periods of time. d. 0 decreases with higher interest rate and increases with longer periods of time. 2. Which of the following is TRUE? a. 0 The payback period is the most superior of all the capital budgeting tools. b. 0 The only projected net income and not the projected net cash flow should be used in capital budgeting analyses. c. 0 Discounted payback does not take into account the time value of money in its calculations d. 1 If the calculated Net Present Value (NPV) equals $1, then the Internal Rate of Return (IRR) will equal the discount rate used in the NPV calculation 3. Your company, in a typical 30-day month, received 100 checks that total $90,000. These are delayed 6 days on average. What is the average daily float? a. 1 $18,000 b. 0 $5,400 c. 0 $1,800 d. 0 $15,000 4. A high current ratio suggests that the firm a. 0 has a small amount of long-term debt. b. 0 is carrying little inventory. c. 1 is able to meet its current obligations. d. 0 is profitable. e. 0 has a strong electrical system. 5. You want to find your target capital structure. Your company’s weighted average cost of capital is 12.5%. The cost of equity is 15% and the cost of debt is 8%. Given a tax rate of 35%, what is your target debt-equity ratio? a. 1 .34 b. 0 .68 c. 0 .17 d. 0 .25 6. You are the CFO for an all-equity type of firm that is considering the following projects: Project W: Beta = .70, Return = 11% Project X: Beta = .95, Return = 13% Project Y: Beta = 1.05, Return = 14% Project Z: Beta = 1.60, Return = 15% The T-bill rate equals 5% and the market expected rate of return equals 12%. Which projects should be accepted? a. 0 X, Y, and Z b. 1 W, X, and Y c. 0 W, Y, and Z d. 0 W, Y, and Z e. 0 None of these 7. Which one of the following is NOT true? a. 0 Bonds have many features that are spelled out in a document called the indenture. b. 0 Bonds are rated based on their default risk. Some bonds, like Treasury Bonds, have no risk of default; whereas junk bonds have significant default risk. c. 1 Bond values move in the direction of interest rates, leading to gains or losses for the investor. d. 0 When determining bond prices or yields, it is application of discounted cash flow concepts. 8. Common stockholders usually have the right a. 0 to vote for directors. b. 0 to share proportionally in dividends paid. c. 0 to vote on stockholder matters of great importance. d. 1 All of these 9. If the U.S. Dollar equivalency to the Euro is .8883, how many Euros could you get for $100? a. 0 88.83 b. 0 99.11 c. 1 112.57 d. 0 188.83 BUS/475 Sample Final Exam 1. Which of the following is NOT a classical approach to Management Thought? a. 0 Systematic management b. 0 Administrative management c. 0 Scientific management d. 1 Organizational behavior e. 0 Human relations 2. Which of the following are the four functions of management? a. 0 Organizing b. 0 Leading c. 0 Planning d. 0 Controlling e. 1 All of these 3. Teams are critical to today’s business environment. Which of the following is NOT critical to today’s business environment? a. 0 Parallel teams b. 0 Transnational teams c. 0 Virtual teams d. 1 Football teams e. 0 Management teams 4. Total Quality Management a. 0 only applies to operations. b. 1 supports customer satisfaction. c. 0 relies on short-term relationships. d. 0 is the same as Six Sigma. e. 0 is regulated by OSHA. 5. Leading people versus managing them is an important difference. Which of the following describes characteristics of leading? a. 1 Motivating for performance b. 0 Managerial control c. 0 Creating and managing change d. 0 Managing technology e. 0 Managing innovation 6. Managers need a certain skill set to be effective. Which of the following skill(s) do they need? a. 0 Technical skills b. 0 Conceptual and decision skills c. 0 Interpersonal and communication skills d. 0 None of these e. 1 All of these 7. Diversity in today’s workforce is an important factor. Which of the below is considered in the components of a diversified workforce? a. 0 Ethnicity b. 0 Religious affiliation c. 0 Gender d. 0 Age e. 1 All of these are important 8. Which of the following is NOT part of human resource planning? a. 0 Demand forecast b. 0 Internal labor supply c. 0 External labor supply d. 0 Job analysis e. 1 Product demand forecast 9. Strategic planning is based on strategic analysis. Identify which of the below best describes strategic planning: a. 0 Tactical planning b. 0 Operational planning c. 1 Long-term decisions about the entire organization d. 0 Financial planning e. 0 Short term decisions about the entire organization 10. Environmental factors a business needs to consider when planning are important to the success of the business. Which of the following is not considered an environmental factor in this context? a. 0 Competitors b. 0 Threat of entry c. 0 Substitutes d. 1 Endangered species e. 0 Customers 11. Globalization is a term we all use in business. Listed below are some terms; which of the following are entry modes for corporations to spread globally? a. 0 Licensing b. 0 Wholly owned subsidiaries c. 0 Joint ventures d. 0 Franchises e. 1 All of these 12. Entrepreneurs are an important part of the business environment. Which of the following is NOT a myth about entrepreneurs? a. 0 Anyone can start a business. b. 0 Entrepreneurs are their own business and completely independent. c. 1 Entrepreneurs are not gamblers. d. 0 If an entrepreneur is talented, success will happen in a year or two. e. 0 Any entrepreneur with a good idea can raise venture capital. BUS/475 Sample Final Exam 1. The modern business environment has all of the following characteristics EXCEPT a. 0 Global b. 0 Interconnected c. 0 Competitive d. 1 Relatively static e. 0 Real-time 2. ________________ issues involve collecting, storing, and disseminating information about individuals. a. 1 Privacy b. 0 Accuracy c. 0 Transferability d. 0 Property e. 0 Accessibility 3.. The introduction of ATM machines by Citibank is a classic example of which strategy for competitive advantage? a. 0 Cost leadership b. 1 Innovation c. 0 Differentiation d. 0 Operational effectiveness e. 0 Customer-orientation 4. Which of the following systems acquisition methods results in software that can be tried out, has been used for similar problems in other organizations, and can save time? a. 0 Systems development life cycle b. 0 Prototyping c. 0 End-user development d. 1 Buy option e. 0 Object-oriented development 5. The end result of the data life cycle is the generation of a. 0 information. b. 0 data. c. 1 knowledge. d. 0 wisdom. e. 0 decisions. 6. Many organizations have implemented corporate portals for which of the following reasons? a. 0 To cut costs b. 0 To free up time for busy managers c. 0 To improve profitability d. 0 To offer customers self-service opportunities e. 1 All of these 7. In the ____________ phase of the decision-making process, managers construct a model that simplifies the problem. a. 0 implementation b. 0 choice c. 1 design d. 0 intelligence e. 0 consideration 8. Which capability of digital dashboards enables users to obtain the latest data available on key performance indicators or some other metric, ideally in real time? a. 0 Drill down b. 0 Key performance indicators c. 1 Status access d. 0 Trend analysis e. 0 Exception reporting 9. To effectively manage by exception (that is use exception reports), the company must first create a. 1 performance standards. b. 0 best practices. c. 0 user information requirements. d. 0 a database. e. 0 employee evaluation guides. 10. Being an entrepreneur, disturbance handler, and negotiator is part of the ______________ managerial role. a. 0 interpersonal b. 0 entrepreneurial c. 0 informational d. 1 decisional e. 0 confrontational 11. Offering different products, services, or product features is which strategy for competitive advantage? a. 0 Cost leadership b. 1 Differentiation c. 0 Innovation d. 0 Operational effectiveness e. 0 Customer-orientation 12. ______________ attempts to find the value of the inputs necessary to achieve a desired level of output. a. 0 What-if analysis b. 0 Statistical analysis c. 0 Sensitivity analysis d. 1 Goal-seeking analysis e. 0 Simulation 13. Computer support is least for which of the following problems? a. 0 Semistructured and strategic planning b. 1 Unstructured and strategic planning c. 0 Semistructured and management control d. 0 Unstructured and operational control e. 0 Structured and strategic planning BUS/475 Sample Final Exam 1. For society, a good is not scarce if a. 0 at least one individual in society can obtain all he or she wants of the good. b. 0 firms are producing the good at full capacity. c. 1 all members of society can have all they want of the good if the good’s price was zero. d. 0 those who have enough income can buy all they want of the good. 2. The production possibilities frontier is a downward-sloping straight line when a. 1 it is possible to switch between one good and the other good at a constant opportunity cost. b. 0 there is no tradeoff involved in switching between one good and the other good. c. 0 the same amount of time is required to produce a unit of one good as is required to produce a unit of the other good. d. 0 the person for whom the frontier is drawn wishes to consume equal amounts of the two goods. 3. Trade among nations is ultimately based on a. 0 absolute advantage. b. 0 strategic advantage. c. 1 comparative advantage. d. 0 technical advantage. 4. When opening a restaurant you may need to buy ovens, freezers, tables, and cash registers. Economists call these expenditures: a. 1 Capital investment b. 0 Investment in human capital c. 0 Business consumption expenditures d. 0 None of these are correct 5. A legal minimum price at which a good can be sold is a. 0 exemplified by rent-control laws. b. 0 usually intended to enhance efficiency in a market. c. 0 called a price ceiling. d. 1 called a price floor. 6. To say that "people respond to incentives" is to say that a. 0 changes in costs (but not changes in benefits) influence people's decisions and their behavior. b. 0 changes in benefits (but not changes in costs) influence people's decisions and their behavior. c. 1 Changes in benefits or changes in costs influence people's decisions and their behavior. d. 0 tradeoffs can be eliminated by rational people who think at the margin. 7. The marginal product of labor can be defined as a. 0 change in profit/change in labor. b. 1 change in output/change in labor. c. 0 change in labor/change in output. d. 0 change in labor/change in total cost. 8. Monopolistically competitive firms are typically characterized by a. 1 many firms selling products that are similar, but not identical. b. 0 many firms selling identical products. c. 0 a few firms selling products that are similar, but not identical. d. 0 a few firms selling highly different products. 9. The prisoners' dilemma provides insights into the a. 1 difficulty of maintaining cooperation. b. 0 benefits of avoiding cooperation. c. 0 benefits of government ownership of monopoly. d. 0 ease with which oligopoly firms maintain high prices. 10. In a market economy, government intervention a. 0 will always improve market outcomes. b. 0 reduces efficiency in the presence of externalities. c. 1 may improve market outcomes in the presence of externalities. d. 0 is necessary to control individual greed. 11. Which of the following items is included in GDP? a. 0 The sale of stocks and bonds b. 0 The sale of used goods c. 1 The sale of services such as those performed by a doctor d. 0 All of these are included in GDP 12. Which of the following adjusts to bring aggregate supply and demand into balance? a. 1 The price level and real output b. 0 The real rate of interest and the money supply c. 0 Government expenditures and taxes d. 0 The saving rate and net exports 13. To decrease the money supply, the Fed could a. 0 sell government bonds. b. 0 increase the discount rate. c. 0 increase the reserve requirement. d. 1 All of these are correct 14. President George W. Bush and congress cut taxes and raised government expenditures in 2003. According to the aggregate supply and aggregate demand model a. 1 both the tax cut and the increase in government expenditures would tend to increase output. b. 0 only the tax cut would tend to increase output. c. 0 only the increase in government expenditures would tend to increase output. d. 0 neither the tax cut nor the increase in government expenditures would tend to increase output. 15. All else equal, which of the following would tend to cause real GDP per person to rise? a. 0 Changing policy from outward- to inward-oriented b. 1 Investment in human capital c. 0 In the short-term, effects of a rapid growth in the number of workers d. 0 All of these are correct 16. A trade policy is a government policy a. 0 directed toward the goal of improving the tradeoff between equity and efficiency. b. 1 that directly influences the quantity of goods and services that a country imports or exports. c. 0 intended to exploit the tradeoff between inflation and unemployment by altering the budget deficit. d. 0 toward trade unions. 17. If Kenya experienced capital flight, the supply of Kenyan schillings in the market for foreign-currency exchange would shift a. 0 left, which would make the real exchange rate of the Kenyan schilling appreciate. b. 0 left, which would make the real exchange rate of the Kenyan schilling depreciate. c. 0 right, which would make the real exchange rate of the Kenyan schilling appreciate. d. 1 right, which would make the real exchange rate of the Kenyan schilling depreciate. 18. The open-economy macroeconomic model examines the determination of a. 0 the output growth rate and the real interest rate. b. 0 unemployment and the exchange rate. c. 0 the output growth rate and the inflation rate. d. 1 the trade balance and the exchange rate. BUS/475 Sample Final Exam 1. Which of the following regarding the Commerce Clause of the U.S. Constitution is TRUE? a. 0 The Commerce Clause places federal responsibility for the judicial determination in the Commerce Department. b. 0 The Commerce Clause cannot regulate business when it occurs within a state. c. 1 The Commerce Clause can apply to a business that only does business in one state. d. 0 The Commerce Clause can regulate commerce, but not the transportation of goods. 2. Which of the following is NOT TRUE about alternative dispute resolution: a. 0 A mediator will assist the parties in trying to identify opportunities for resolution of the dispute. b. 0 In arbitration, the arbitrator will make a decision on the matter presented by the parties. c. 1 A mediator will resolve the dispute by making a decision if the parties are unable to do so. d. 0 Arbitration is final and binding in some but not all cases in which it is applied. 3. Which of the following can the Environmental Protection Agency do? a. 0 Establish permissible levels of particulates in the air. b. 0 Determine how testing will be done at industrial sites. c. 0 Levy fines on businesses that are in violation of the permissible level of particulates. d. 1 The EPA can do all of these things. 4. While on the way from the office to a client’s business to deliver computer software, an employee of Acme Data Systems accidentally runs into another car, injuring the driver. Is Acme Data Systems liable to pay the damages of this accident if the driver is found liable? a. 0 No, because driving to the site is an incidental duty that does not arise out of the work. b. 0 No, because the driver is required to have insurance as a condition to drive any vehicle and have a driver’s license. c. 1 Yes, if it is determined that the driver is liable for the accident. d. 0 Yes, but only if it is determined that the accident with the fault of the business, not the driver. 5. Can a corporate CEO legally refuse to answer a question that will incriminate the corporation? a. 0 Yes, under the 5th Amendment as applied by the 6th Amendment. b. 0 Yes, but only under the 5th Amendment to the U.S. Constitution. c. 1 No, because a corporation does not have the Constitutional right to avoid self-incrimination. d. 0 No, because the court can compel testimony of anyone, but the answer is inadmissible evidence. 6. Chris works Monday through Friday at her job, as a nonexempt worker. Chris was required to work 10 hours on both Monday and Tuesday, and then worked 8 hours on both Wednesday and Thursday. On Friday, Chris worked 4 hours, then went home. How much overtime is Chris entitled to for the week, under provisions of the Fair Labor Standards Act? a. 0 Chris is entitled to 4 hours of overtime. b. 0 Chris is entitled to 4 hours of overtime IF Chris was sent home, but not overtime if Chris voluntarily went home on Friday. c. 0 Chris is entitles to 16 hours of overtime, because Chris worked more than 8 hours on both Monday and Tuesday. d. 1 Chris is entitled to NO overtime. 7. Mary, who lives openly as a lesbian, was discharged from her position, and evidence establishes that she was discharged because she is homosexual. Which is true regarding Mary’s rights under Federal anti-discrimination laws? a. 0 Assuming the evidence established that she was discharges for being a lesbian, she can recover damages from her employer. b. 0 If Mary can prove that the supervisor who discharges her was biased against homosexuals, she can get her job back. c. 1 Mary does not have a legal remedy because discrimination against homosexuals is not illegal under federal law. d. 0 None of these is correct. 8. Which of the following is an example of horizontal price fixing? a. 0 A car dealer and the manufacturer agree that the actual sales price of the car will never be below $30,000. b. 0 A gas station owner and the supplier of gasoline set the price of gas based on the strike price of crude oil. c. 1 The four Toyota dealers in the metro area agree on a “floor” on priced for the Prius, without informing the regional office. d. 0 The four Toyota dealers in a metro area agree that they will not be open on Sundays. 9. State lemon laws are designed to protect consumers who have purchased a. 0 fruits and vegetables. b. 1 new cars. c. 0 used motorcycles. d. 0 all consumer products. 10. Does the Foreign Corrupt Practices Act (FCPA) permit grease payments to lower-level foreign officials to speed up the clearance of imported goods? a. 1 Yes, as long as there is no attempt to influence government policy, but only to speed up the processes. b. 0 Yes, so long as there is an attempt to influence government policy, which is permitted under the FCPA. c. 0 No, unless the payment was been approved by the State Department under the FILO provisions of the DUBI Act. d. 0 No, not under any circumstances. 11. Why is insider trading prohibited by the Securities Exchange Act? a. 0 To prohibit sales fraud by the unscrupulous traders b. 1 To prevent people with non-public information from having an advantage c. 0 To avoid discrimination against people who work outdoors, rather than in offices d. 0 To assure that people who subscribe to financial newsletters do not have an unfair advantage 12. Mary took good care of her grandfather for many years. As he lay dying, he said, “Because you have provided me with so much great care in the past, I am giving you my house when I die. He does not change the title on his house or take any other steps to transfer ownership. Which of the following is true? a. 0 Mary will get the house because shoe did not provide valuable consideration to her grandfather before he promised her the house. b. 0 Mary will get the house because even though there is no contract, the acts of her grandfather constitute promissory estoppel. c. 1 Mary will NOT get the house because there is no valid contract with her grandfather. She did not provide valid consideration. d. 0 Mary will NOT get the house because her grandfather’s contract became void when he died. 13. Jack and Jill are partners in a water transport business. While Jack is out of town, Jill fails to purify the water the partnership sold to a restaurant, and many customers became ill. The restaurant sued Jack and Jill for $20,000. Can Jack be held liable for Jill's mistake? a. 0 Yes, Jack is fully liable for judgments against the partnership. b. 0 No, because Jack was not present when the error occurred. c. 1 Yes, if Jack is a general partner. d. 0 Yes, if both Jack and Jill are general partners. 14. Andy is an employee of Packing Corp. While he does not have the authority to obligate Packing Corp. to contracts, his office, his behavior and his comments on the job—all known by Packing Corp.—make it appear that he does have authority to enter into contracts on behalf of Packing. If he does enter into a contract, is Packing obligated by his statements? a. 0 No, because he does NOT have actual authority. b. 0 No, because he was the only one who performed the behavior that would reasonably lead a third party to conclude that he is an agent of Packing. c. 1 Yes, if it is definite that Packing allowed Andy to appear to be an agent of Packing. d. 0 Yes, because he is an employee of Packing. 15. Bob wrote a screenplay, but before he could register it with the U.S. Copyright Office, the screenplay was stolen and later appeared in a movie. Will Bob prevail if he sues the person claiming ownership of the play? a. 0 No, because he never registered the screenplay. b. 0 No, because he cannot prove that he was the author of the screenplay. c. 1 Yes, if it can be proved that Bob is the true owner of the screenplay. d. 0 Yes, but only if Bob has another copy of the screenplay. 16. In determining which course of action to select in a matter, Rogero decides that he will do what creates the greatest good for the greatest number of people. Which theory of ethics is Rogero applying? a. 1 Utilitarianism b. 0 Polytheism c. 0 The Golden Rule d. 0 Deontological theory 17. Which of these parties are considered when decisions are made utilizing stakeholder ethical theory? a. 0 Shareholders b. 0 Customers c. 0 Employees d. 1 All of these are considered then using stakeholder theory BUS 475 Integrated Business Topics Final Exam # 1 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 To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________. A. income statement credit column and the balance sheet debit column B. income statement debit column and the balance sheet credit column C. income statement debit column and the income statement credit column D. balance sheet debit column and the balance sheet credit column 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 43) Sampling error can be reduced by __________. A. none of the these affect sampling error B. increasing the sample size C. decreasing the sample size D. utilizing simple random samples 44) Use the following table to answer question: P(M A) is approximately _____. A. .25 B. .125 C. .625 D. .50 45) Use the following table to answer question: Are Service provider and county independent events? A. Insufficient information to determine B. Yes C. No 46) 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. Median D. Mode 47) Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy. JBGHI demands a sample large enough to ensure an error of ± 2% with 90% confidence. What is the necessary sample size? A. 2,401 B. 609 C. 1,604 D. 1,692 48) Which one of the following statements concerning production and staffing plans is best? A. The impact of production and staffing plans cuts across several functional areas of the firm. B. Production and staffing plans specify production rates, workforce levels, and inventory holdings, but do not account for capacity limitations because they are aggregated. C. Production and staffing plans attempt to achieve several objectives, all of which must be consistent with one another. D. When production and staffing plans are made, aggregation can be performed only along two dimensions: products and time. 49) Likely reasons for inaccurate control limits would include which of the following? A. Process variation was not zero, as expected. B. The engineers were underpaid for their work. C. The engineering parameter for variance is unknown. D. There was insufficient preliminary sampling. 50) The one-worker, multiple machines approach functions as: A. a way to create uniform workstation loads. B. a production bottleneck. C. a one-person production line. D. a poka-yoke device. 51) In an activity-on-node [AON] network, the nodes represent ____________, whereas the arcs represent ____________. A. precedence relationships; time B. activities; precedence relationships C. activities; time D. events; activities 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. you can send someone home 6 hours early and still pay them the $60 they would have earned while on the clock. C. the next worker that offers to work an extra 8 hours should receive at least $80. D. you would be willing pay up to $60 for someone to work another 6 hours. 53) The force behind globalization in _____ was the amount of muscle, horsepower, wind power, or steam power that a country could deploy. A. None of these B. Globalization 2.0 C. Globalization 1.0 D. Globalization 3.0 54) In the _____ phase of the decision making process, managers test potential solutions “on paper.” A. consideration B. design C. choice D. intelligence E. implementation 55) A set of programs that enable the hardware to process data is _____. A. procedures B. database C. software D. network E. hardware 56) What is _____ is not necessarily _____. A. Ethical, legal B. Unethical, illegal C. Ethical, illegal D. Unethical, legal E. Illegal, unethical 57) The Global, Web-Based Platform enables individuals to do which of the following? A. all of these are true B. produce and sell goods and services C. exchange knowledge D. access information, services, and entertainment E. connect, compute, communicate, collaborate, and compete everywhere and all the time 58) The management cockpit best exemplifies which type of system? A. Group decision support system B. Functional area information system C. Digital dashboard D. Expert system E. Decision support system 59) _____ is the acquisition and efficient use of resources in accomplishing organizational goals. A. Wisdom B. Expertise C. Strategic planning D. Management control E. Operational control 60) International Game Technology’s new ERP system produced all of the following benefits except: A. Operations employees were able to access manufacturing process details at their workstations B. The company gained flexibility in manufacturing products C. ERP system connected the company’s global operations D. Company was able to maintain its original business processes E. Integrated the company’s business functions 61) Which of the following are not provided by digital dashboards? A. Exception reporting B. Key performance indicators C. Status access D. Transaction processing E. Drill down 62) _____ provides users with a view of what is happening, where _____ addresses why it is happening. A. Multidimensional data analysis, data mining B. Multidimensional data analysis, neural networks C. Data mining, expert system D. Data mining, multidimensional data analysis E. Multidimensional data analysis, structured query language 63) An increase in future value can be caused by an increase in the __________. A. dividends paid B. rate of return C. original amount invested D. starting value E. annual interest rate and number of compounding periods 64) 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? A. $1,568 B. $463 C. $1,241 D. $871 65) Disadvantages of using current liabilities as opposed to long-term debt include: A. certainty of interest costs B. greater risk of illiquidity, and uncertainty of interest costs C. decreased risk of liquidity D. uncertainty of future liabilities E. higher cash flow exposure 66) 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? A. 15.62% B. 20.62% C. 14.37% D. 9.37% 67) Dublin International Corporation’s marginal tax rate is 40%. It can issue three-year bonds with a coupon rate of 8.5% and par value of $1,000. The bonds can be sold now at a price of $938.90 each. The underwriters will charge $23 per bond in flotation costs. Determine the approximate after-tax cost of debt for Dublin International to use in a capital budgeting analysis. A. 9.2% B. 5.1% C. 8.5% D. 6.0% 68) Forward rates are quoted: A. on financial statements B. in direct form and at a premium or discount C. by the FDIC D. in an indirect form E. daily 69) 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? A. $6.00 B. $37.50 C. $16.67 D. $15.00 70) Suppose you determine that the NPV of a project is $1,525,855. What does that mean? A. The project’s IRR would have to be less that the firm’s discount rate. B. In all cases, investing in this project would be better than investing in a project that has an NPV of $850,000. C. Under all conditions, the project’s payback would be less than the profitability index. D. The project would add value to the firm. 71) According to the hedging principle, permanent assets should be financed with _____ liabilities. A. fixed B. permanent C. current D. spontaneous 72) Exchange rate risk: A. doesn’t affect trades made in US Dollars. B. arises from the fact that the spot exchange rate on a future date is a random variable. C. applies only to certain types of domestic businesses. D. has been phased out due to recent international legislation. 73) The common stockholders are most concerned with: A. the spread between the return generated on new investments and the investor’s required rate of return. B. the percentage of profits retained. C. the size of the firm’s beginning earnings per share. D. the risk of the investment. 74) Which of the following is most consistent with the hedging principle in working capital management? A. Fixed assets should be financed with short-term notes payable. B. Inventory should be financed with preferred stock. C. Accounts receivable should be financed with short-term lines of credit. D. Borrow on a floating rate basis to finance investments in permanent assets. 75) You hold a portfolio with the following securities: Security Percent of Portfolio Beta Return X Corporation 20% 1.35 14% Y Corporation 35% .95 10% Z Corporation 45% .75 8% Compute the expected return and beta for the portfolio. A. 9.9%, .94 B. 10.67%, 1.02 C. 9.9%, 1.02 D. 34.4%, .94 76) Economists' economic-buyer theory assumes that __________. A. consumers only want the cheapest price B. buyers logically compare choices in order to maximize their satisfaction C. demographic data are very useful for predicting consumer behavior D. consumers should purchase only low-priced products E. consumers always make rational decisions 77) The statement, "Of course people will buy our product--each of its features is better than the competition," most closely reflects which consumer behavior concept? A. the economic-buyer theory B. reference groups C. psychographics D. needs E. competitive advantage 78) The three basic tasks of ALL managers, according to the text, are: A. planning, implementation, and control. B. marketing, production, and finance. C. planning, staffing, and evaluating. D. execution, feedback, and control. E. hiring, training, and compensating. 79) A cluster analysis of the "toothpaste market" would probably show that: A. most consumers are concerned about cost. B. most consumers are mainly concerned about brightness of teeth. C. the broad product-market can be served effectively with one marketing mix. D. factors such as taste, price, and "sex appeal" are not important. E. different market segments seek different product benefits. 80) "Marketing strategy planning" means: A. selecting a target market and developing a marketing strategy. B. finding attractive opportunities and selecting a target market. C. finding attractive opportunities and developing profitable marketing strategies. D. selecting an attractive target market. E. selecting an attractive marketing mix. 81) The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called: A. market planning. B. marketing strategy planning. C. marketing programming. D. management by objective. E. strategic (management) planning. 82) Regarding organizational buying, the people who have the power to select or approve the supplier--especially for larger purchases--are called: A. users. B. buyers. C. deciders. D. influencers. E. gatekeepers. 83) The economists' view of buyers: A. None of these are true B. assumes that they always buy the lowest-price alternative. C. is based on the idea that consumers value time and select the first alternative they learn about. D. puts a great deal of emphasis on differences in buying behavior related to individual differences among consumers. E. emphasizes psychological variables rather than social influences. 84) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market. A. Customer relationship management (CRM) B. Market scanning C. Positioning D. Brand familiarity E. Market segmentation 85) When evaluating macro-marketing: A. one must consider the society’s role in the marketing system. B. one must determine how efficiently the society's resources are used. C. the best approach is to consider the profit generated by individual firms within the overall system. D. the evaluation is necessarily subjective. E. one must consider each individual firm's role in the marketing system. 86) Marketing: A. not important if you have a good product. B. reflects existing social values in the short run--while reinforcing these values in the long run. C. turns consumers into puppets. D. creates materialistic values which did not exist before. E. is only propaganda. 87) Clustering techniques applied to segmenting markets __________. A. doesn’t apply to demographic data B. eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers C. remove the need for managerial judgment D. usually require computers to group people based on data from market research E. is time consuming and expensive 88) Product disparagement differs from defamation of a nonpublic figure in that: A. Intent is only required in a disparagement case. B. Publication to a third party is required in the defamation case, but not in the disparagement case. C. Publication to a third party is required in the disparagement case, but not in the defamation case. D. Intent is required for the disparagement case, but not in the defamation case. E. Intent is required for the defamation case, but not in the disparagement case. 89) Mary arrived at work one day, and her boss said to her, “That’s the ugliest dress I have ever seen. Because you wore that to work today, you are fired.” Assuming that Mary is an at-will employee, which of the following is true? A. Mary can be fired only if it is in the best interest of the employer. B. If none of the exceptions to the at-will rule apply, Mary can be fired. C. If Mary has the will to work, she cannot be fired without cause. D. Mary can be fired for any reason. 90) Which of the following is correct about interpretive rules? A. Interpretive rules are not subject to judicial review. B. All federal administrative agencies have implied power to make interpretive rules. C. They must be accompanied by substantive rules. D. They do not establish new law. E. They require public notice and participation to create. 91) In responding to a constitutional challenge to the Computer Decency Act, the U.S. Supreme Court ruled that: A. The Internet was similar to television and that restrictions similar to those on television programming were appropriate. B. The Act was unconstitutional because its provisions were too vague to define. C. Obscene materials could not be available between 6:00 a.m. and 10:00 p.m. local time. D. Computers and the Internet were not covered by the free speech provisions of the U.S. Constitution because they did not exist when the Constitution was drafted. E. The Act was constitutional because obscene speech receives no protection. 92) In a criminal proceeding, what is the difference between an indictment and an information? A. An indictment requires proof beyond a reasonable doubt, but an information does not. B. A grand jury issues an indictment, but does not issue an information. C. Guilt or innocence is determined in an indictment, but not in an information. D. The defendant is charged with a crime in an indictment, but not in an information. 93) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman? A. Corporate social audit. B. Corporate citizenship. C. Stakeholder interest. D. Maximizing profits. E. Moral minimum. 94) If a minor wishes to be bound to a contract after becoming an adult, she must: A. Bring an action to verify the contract. B. Give back the goods or services received as a minor. C. Disaffirm the contract. D. Ratify the contract. 95) Which of the following statements is true regarding the relationship of law and ethics? A. Depending on the circumstances, the law can require a higher, lower, or the same standard of conduct as ethics demands. B. The legal requirements will almost always be the same as the ethical requirement because the law is based on the ethical standards. C. In some cases ethics will require a higher standard of conduct than the law, but never vice versa. D. In some cases the law will require a higher standard of conduct than ethics, but never vice versa. 96) Information which comes to the knowledge of an agent is: A. Will result in termination of the agency arrangement if it is not communicated to the principal. B. Required to be communicated to the principal in all circumstances. C. Is imputed to the principal. D. Can be disclosed to the principal only with the third party’s consent. 97) Which of the following is true about “proof of claims?” A. They can generally be filed any time within one year of the filing of the bankruptcy petition. B. They must be field by both secured and unsecured creditors in order for the creditor to receive a distribution from the bankruptcy estate. C. They need not be filed by secured creditors whose security covers the amount of their debt. D. They are never used by secured creditors. 98) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner. A. Great Britain, Paraguay B. Canada, Venezuela C. Canada, Mexico D. Mexico, Canada E. Mexico, Venezuela 99) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods? A. Ecuador B. Japan C. Canada D. Mexico E. China 100) 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. About $2; about 15 D. Less than $1; about 25 E. $2; about 25 1) What is the preparation of reports for each level of responsibility in the company’s organization chart called? A. Responsibility reporting B. Static reporting C. Exception reporting D. Master budgeting analysis 2) The income statement and balance sheet columns of Pine C

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