Major Field Business Sample Test
If a company sold merchandise for a $230,000 cash down payment and $310,000 on account
and if the cost of the merchandise sold is $212,000, what is the amount of gross profit? -
ANS-$328,000
A company issued a $600,000, 12 percent, 90-day note payable to acquire an office building.
What is the maturity value of the note? - ANS-$618,000
A company had sales of $920,000 and fixed costs were $160,000. What was the income from
operations if the contribution margin ratio was 30 percent? - ANS-$116,000
The unit selling price of a manufactured product is $100, and the unit variable costs are $60. If
fixed costs are $780,000, what is the break-even number of sales units? - ANS-19,500
A manufacturer estimates its factory overhead costs to be $30,000 and machine hours to be
4,000 for the year. If the actual hours worked on production total 3,800 and the actual factory
overhead costs are $28,000, what is the amount of the over- or underapplied factory overhead?
- ANS-$500 overapplied
Money is the key motivator in - ANS-Taylor's scientific management
A SWOT analysis examines a company's - ANS-strengths, weaknesses, opportunities, and
threats
Which of the following terms refers to the phenomenon in which group members are pressured
to conform in decision making? - ANS-Groupthink
Which of the following is an assumption of Theory Y as developed by Douglas McGregor? -
ANS-Workers seek responsibility.
A group that develops naturally as a result of employees' interaction within an organization is
referred to as - ANS-an informal group
Which of the following correctly describes the distinction between an entrepreneur and an
intrapreneur? - ANS-An entrepreneur is one who takes a risk to start a business, whereas an
intrapreneur is one who brings the spirit of entrepreneurship to a large organization.
The most appropriate level of market coverage for shopping goods is - ANS-selective
distribution
The channels of distribution create all of the following utilities EXCEPT - ANS-form
If a company sold merchandise for a $230,000 cash down payment and $310,000 on account
and if the cost of the merchandise sold is $212,000, what is the amount of gross profit? -
ANS-$328,000
A company issued a $600,000, 12 percent, 90-day note payable to acquire an office building.
What is the maturity value of the note? - ANS-$618,000
A company had sales of $920,000 and fixed costs were $160,000. What was the income from
operations if the contribution margin ratio was 30 percent? - ANS-$116,000
The unit selling price of a manufactured product is $100, and the unit variable costs are $60. If
fixed costs are $780,000, what is the break-even number of sales units? - ANS-19,500
A manufacturer estimates its factory overhead costs to be $30,000 and machine hours to be
4,000 for the year. If the actual hours worked on production total 3,800 and the actual factory
overhead costs are $28,000, what is the amount of the over- or underapplied factory overhead?
- ANS-$500 overapplied
Money is the key motivator in - ANS-Taylor's scientific management
A SWOT analysis examines a company's - ANS-strengths, weaknesses, opportunities, and
threats
Which of the following terms refers to the phenomenon in which group members are pressured
to conform in decision making? - ANS-Groupthink
Which of the following is an assumption of Theory Y as developed by Douglas McGregor? -
ANS-Workers seek responsibility.
A group that develops naturally as a result of employees' interaction within an organization is
referred to as - ANS-an informal group
Which of the following correctly describes the distinction between an entrepreneur and an
intrapreneur? - ANS-An entrepreneur is one who takes a risk to start a business, whereas an
intrapreneur is one who brings the spirit of entrepreneurship to a large organization.
The most appropriate level of market coverage for shopping goods is - ANS-selective
distribution
The channels of distribution create all of the following utilities EXCEPT - ANS-form
