GACE PRACTICE TEST WITH COMPLETE SOLUTIONS

GACE PRACTICE TEST WITH COMPLETE SOLUTIONS 1. A command economy is characterized by: a. A laissez-faire approach by the government b. A moderate amount of government intervention in the economy c. Businesses commanding all aspects of the economy d. The government controlling prices and production D 2. Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)? a. Regulating securities b. Investigatirg insider trading c. Setting interest rates d. Processing applications for initial public offerings (IPOS) C 3. In marketing, the demand for a product is directly influenced by: a. Customers' desire for a product b. Customers' ability to obtain a product c. Availability of a product d. Both A andB D 4. The Sarbanes-Oxley Act of 2002: a. Vastly reduced the financial reporting obligations that corporations face b. Deregulated public utilities c. Was intended to fight corporate and accounting fraud d. Reduced tariffs on trade among North American countries C 5. An employee earns $2,000.00 per month in gross pay, but pays 9% in federal taxes, 3% for state taxes, and 2% for local taxes. After tax, the company withholds $104.36 for health insurance. What is the employee's net pay?