BUSINESS MAJOR FIELD TEST
A valid contract may be unenforceable for which reason(s)?
a) Failure to satisfy the Statute of Frauds.
b) Running of the Statute of Limitations
c) Both (A) and (B)
d) A valid contract is always enforceable. - ANSWERS-c) Both (A)
and (B)
As the size of the sample increases, what happens to the shape of the
sampling means?
a) Cannot be predicted in advance
b) Approaches a normal distribution
c) Positively skewed
d) Negatively skewed - ANSWERS-b) Approaches a normal
distribution
A differentiation strategy enables a business to address the five
competitive forces by
a) lessening competitive rivalry by distinguishing itself
,b) having brand-loyal customers become more sensitive to prices
c) increasing economies of scale
d) serving a broader market segment - ANSWERS-a) lessening
competitive rivalry by distinguishing itself
In a large firm, the pool of applicants for the positions of sales
manager and sales associate consists of three men and three women.
If each candidate has an equal chance of being selected, what is the
probability that both positions will be filled by men?
a) 0.20
b) 0.25
c) 0.33
d) 0.50 - ANSWERS-a) 0.20
Which terms would make the following sentence true? Manufacturing
companies that benefit the most from activity-based costing are those
where overhead costs are a _________ percentage of total product
cost and where there is ___________ diversity among the various
products that they produce.
a) low, little
b) low, considerable
c) high, little
,d) high, considerable - ANSWERS-d) high, considerable
Economists assume a firm's goal is to:
a) Minimize total costs
b) Maximize total revenue
c) Maximize profits
d) All of the Above - ANSWERS-c) Maximize profits
What is the measure that indicates how precise a prediction of Y is
based on X or, conversely, how inaccurate the prediction might be?
a) Regression equation
b) Slope of the line
c) Standard error of estimate
d) Least squares principle - ANSWERS-c) Standard error of estimate
The principal difference between variable costing and absorption
costing centers on:
a) whether variable manufacturing costs should be included as
product costs
b) whether fixed manufacturing costs should be included as product
costs
, c) whether fixed manufacturing costs and fixed selling and
administrative costs should be included as product costs
d) none of these - ANSWERS-b) whether fixed manufacturing costs
should be included as product costs
You want to have $1 million in your savings account when you retire.
You plan on investing a single lump sum today to fund this goal. You
are planning on investing in an account which will pay 7.5 percent
annual interest. Which of the following will reduce the amount that
you must deposit today if you are to have your desired $1 million on
the day you retire?
I. Invest in a different account paying a higher rate of interest.
II. Invest in a different account paying a lower rate of interest.
III. Retire later.
IV. Retire sooner.
a) I only
b) II only
c) I and III only
d) I and IV only
e) II and III only - ANSWERS-c) I and III only
A valid contract may be unenforceable for which reason(s)?
a) Failure to satisfy the Statute of Frauds.
b) Running of the Statute of Limitations
c) Both (A) and (B)
d) A valid contract is always enforceable. - ANSWERS-c) Both (A)
and (B)
As the size of the sample increases, what happens to the shape of the
sampling means?
a) Cannot be predicted in advance
b) Approaches a normal distribution
c) Positively skewed
d) Negatively skewed - ANSWERS-b) Approaches a normal
distribution
A differentiation strategy enables a business to address the five
competitive forces by
a) lessening competitive rivalry by distinguishing itself
,b) having brand-loyal customers become more sensitive to prices
c) increasing economies of scale
d) serving a broader market segment - ANSWERS-a) lessening
competitive rivalry by distinguishing itself
In a large firm, the pool of applicants for the positions of sales
manager and sales associate consists of three men and three women.
If each candidate has an equal chance of being selected, what is the
probability that both positions will be filled by men?
a) 0.20
b) 0.25
c) 0.33
d) 0.50 - ANSWERS-a) 0.20
Which terms would make the following sentence true? Manufacturing
companies that benefit the most from activity-based costing are those
where overhead costs are a _________ percentage of total product
cost and where there is ___________ diversity among the various
products that they produce.
a) low, little
b) low, considerable
c) high, little
,d) high, considerable - ANSWERS-d) high, considerable
Economists assume a firm's goal is to:
a) Minimize total costs
b) Maximize total revenue
c) Maximize profits
d) All of the Above - ANSWERS-c) Maximize profits
What is the measure that indicates how precise a prediction of Y is
based on X or, conversely, how inaccurate the prediction might be?
a) Regression equation
b) Slope of the line
c) Standard error of estimate
d) Least squares principle - ANSWERS-c) Standard error of estimate
The principal difference between variable costing and absorption
costing centers on:
a) whether variable manufacturing costs should be included as
product costs
b) whether fixed manufacturing costs should be included as product
costs
, c) whether fixed manufacturing costs and fixed selling and
administrative costs should be included as product costs
d) none of these - ANSWERS-b) whether fixed manufacturing costs
should be included as product costs
You want to have $1 million in your savings account when you retire.
You plan on investing a single lump sum today to fund this goal. You
are planning on investing in an account which will pay 7.5 percent
annual interest. Which of the following will reduce the amount that
you must deposit today if you are to have your desired $1 million on
the day you retire?
I. Invest in a different account paying a higher rate of interest.
II. Invest in a different account paying a lower rate of interest.
III. Retire later.
IV. Retire sooner.
a) I only
b) II only
c) I and III only
d) I and IV only
e) II and III only - ANSWERS-c) I and III only
