ETS Major Field Test (Practice Test) Correct 100%

The common characteristic possessed by all assets is a) Long life b) Great monetary value c) Tangible nature d) Future economic benefit - ANSWER d) Future economic benefit Which Foreign Direct Investment (FDI) attempts to acquire particular resources at a lower real cost than could be obtained in the home country? a) Market-seeking FDI b) Efficiency-seeking FDI c) Resource-seeking FDI d) Strategic asset-seeking FDI - ANSWER c) Resource-seeking FDI Under the Uniform Commercial Code (UCC) statute of frauds, which of the following terms must be included in writing in order to satisfy the writing requirement? a) The price of the goods. b) The quantity of the goods. c) The signatures and names of the buyer and the seller d) The time and place for delivery - ANSWER b) The quantity of the goods Which of the following is an appropriate Federal Reserve action to stimulate the United States economy? a) Selling government bonds on the open market b) Increasing the discount rate c) Reducing the reserve requirement d) Cutting taxes - ANSWER c) Reducing the reserve requirement Managers at ABC, Inc. analyze the current situation of their organization and then develop plans to help their organization to accomplish its mission and achieve its goals. This is known as: a) Synergy planning b) Strategy formulation Which of the following is true with regard to an exculpatory clause? a) An exculpatory clause excuses one party from liability for his/her own tortious conduct. b) Where one party has a superior bargaining position that has enabled him/her to impose an exculpatory clause upon the other, the courts are inclined to nullify the provision. c) An exculpatory clause may be unenforceable for unconscionability. d) All of the above are true - ANSWER d) All of the above are true c) Functional planning d) SWOT analysis - ANSWER b) Strategy formulation A group that develops naturally as a result of employees' interaction within an organization is referred to as a) an informal group b) a formal group c) a work-team group d) a formation group - ANSWER a) an informal group When employees use email, word processors, electronic scheduling / calendars, they are using which of the following? a) Transaction processing systems b) Process control systems c) Office automation systems d) Decision support systems - ANSWER c) Office automation systems A standard procedure for numerically measuring a project's progress, forecasting its completion date and cost and providing measures of schedule and budget variation as activities are completed is referred to as a) program evaluation and review technique (PERT) b) the critical path method (CPM) c) a Gantt chart d) earned value analysis (EVA) - ANSWER d) earned value analysis (EVA) High product differentiation is generally accompanied by a) higher market share b) decreased emphasis on competition based on price c) higher profit margins and lower costs d) significant economies of scale - ANSWER b) decreased emphasis on competition based on price The essence of common law is: