1
BUSINESS MAJOR FIELD TEST NEWEST ACTUAL
2025/2026 WITH COMPLETE QUESTIONS AND
ANSWERS VERIFIED/GRADED A+
Accounting: What costs should be considered when making non-routine
decisions? (3) - (ANSWER)The price of material, Factory overhead costs, and the
price of labor
Accounting: Total product/ units produced and sold equals?? - (ANSWER)Product
Cost per Unit
Accounting: What is a general explanation of what the contribution margin is? -
(ANSWER)The difference between variable costs subtracted from sales
Accounting: In a continuous budget plan how many months are generally
planned? - (ANSWER)12 months
Accounting: Which of the following is not one of the weaknesses of standard
costing - (ANSWER)It makes accounting for price increases more accurate
Accounting: What are the potential ways to find the price of what a produced
products should cost? (3) - (ANSWER)Product cost concept, total cost concept,
and variable cost concept
Accounting: Which report is the connecting link between the income statement
and the balance sheet? - (ANSWER)Cash flow statement
, 2
The net cash flow from operating activities normally differs from the amount of
net income for the period. - (ANSWER)True
Accounting: Expense accounts would have a balance on which side? -
(ANSWER)Left side
Accounting: A profit-making business operating as a separated legal entity and in
which ownership is divided into shares of stock is known as a... -
(ANSWER)Corporation
Accounting: A debt may slightly - (ANSWER)Increase in an asset account
Accounting: What would be classified as a current asset on the balance sheet -
(ANSWER)Accounts receivable
Accounting: What are the elements of internal control? (3) - (ANSWER)Control
environment, monitoring, and control procedures.
True or False: A cash distribution of earnings by a corporation to its stockholders
is called a CASH DIVIDEND. The 3 conditions that a corporation must meet to pay
a cash dividend are: sufficient retained earnings, sufficient cash, and formal action
by the board of directors. - (ANSWER)True
, 3
Accounting: Factors in computing depreciation are? - (ANSWER)Initial cost +
residual value = depreciable
Accounting: The statement of cash flows reports a firm's major cash inflows and
outflows for a period. It provides useful information about a company's ability to
do the following?? - (ANSWER)Meet its financial obligations, generate cash from
operations, and maintain and expand its operating capacity
Accounting: True or False: Notes receivables are amounts that customers owe for
which a formal, written instrument of credit has been issued. If longer than a year
it is considered an investment. - (ANSWER)True
Accounting: The excess of current assets of a business over its current liabilities is
called? - (ANSWER)Working capital
Accounting: What 2 categories are considered under period costs? -
(ANSWER)selling expenses and administrative expenses
Accounting: The effect of a difference in the number of units sold, assuming no
charge in unit sales price or unit cost is... - (ANSWER)Quantity factor
Accounting: A cost that will not be affected by later decisions is termed an -
(ANSWER)Sunk Cost
, 4
Accounting: The unfavorable volume variance may be due to all but the following
facts... - (ANSWER)Unexpected increases in the cost of utilities
Accounting: What budget allows for adjustments in activity levels? -
(ANSWER)Flexible budget
Accounting: A budget that summarizes future plans for the acquisition of fixed
assets is the... - (ANSWER)Capital expenditures budget
Accounting: What are the standard framework of guidelines for financial
accounting used in any given jurisdiction, also known as accounting standards?? -
(ANSWER)GAAP
Economics: What occurs when the price level rises? - (ANSWER)People need to
hold more money, so interest rates rise, making firms borrow and invest less
Economics: The federal government enacted regulation in the 1960's requiring
people to wear seatbelt in their cars. All of the following resulted from this
regulation, EXCEPT: - (ANSWER)Fewer pedestrians were killed in car accidents.
Economics: Which of the following is true regarding the production possibilities
frontier model of the economy? - (ANSWER)Any point along the PPF represents
an efficient level of production.
BUSINESS MAJOR FIELD TEST NEWEST ACTUAL
2025/2026 WITH COMPLETE QUESTIONS AND
ANSWERS VERIFIED/GRADED A+
Accounting: What costs should be considered when making non-routine
decisions? (3) - (ANSWER)The price of material, Factory overhead costs, and the
price of labor
Accounting: Total product/ units produced and sold equals?? - (ANSWER)Product
Cost per Unit
Accounting: What is a general explanation of what the contribution margin is? -
(ANSWER)The difference between variable costs subtracted from sales
Accounting: In a continuous budget plan how many months are generally
planned? - (ANSWER)12 months
Accounting: Which of the following is not one of the weaknesses of standard
costing - (ANSWER)It makes accounting for price increases more accurate
Accounting: What are the potential ways to find the price of what a produced
products should cost? (3) - (ANSWER)Product cost concept, total cost concept,
and variable cost concept
Accounting: Which report is the connecting link between the income statement
and the balance sheet? - (ANSWER)Cash flow statement
, 2
The net cash flow from operating activities normally differs from the amount of
net income for the period. - (ANSWER)True
Accounting: Expense accounts would have a balance on which side? -
(ANSWER)Left side
Accounting: A profit-making business operating as a separated legal entity and in
which ownership is divided into shares of stock is known as a... -
(ANSWER)Corporation
Accounting: A debt may slightly - (ANSWER)Increase in an asset account
Accounting: What would be classified as a current asset on the balance sheet -
(ANSWER)Accounts receivable
Accounting: What are the elements of internal control? (3) - (ANSWER)Control
environment, monitoring, and control procedures.
True or False: A cash distribution of earnings by a corporation to its stockholders
is called a CASH DIVIDEND. The 3 conditions that a corporation must meet to pay
a cash dividend are: sufficient retained earnings, sufficient cash, and formal action
by the board of directors. - (ANSWER)True
, 3
Accounting: Factors in computing depreciation are? - (ANSWER)Initial cost +
residual value = depreciable
Accounting: The statement of cash flows reports a firm's major cash inflows and
outflows for a period. It provides useful information about a company's ability to
do the following?? - (ANSWER)Meet its financial obligations, generate cash from
operations, and maintain and expand its operating capacity
Accounting: True or False: Notes receivables are amounts that customers owe for
which a formal, written instrument of credit has been issued. If longer than a year
it is considered an investment. - (ANSWER)True
Accounting: The excess of current assets of a business over its current liabilities is
called? - (ANSWER)Working capital
Accounting: What 2 categories are considered under period costs? -
(ANSWER)selling expenses and administrative expenses
Accounting: The effect of a difference in the number of units sold, assuming no
charge in unit sales price or unit cost is... - (ANSWER)Quantity factor
Accounting: A cost that will not be affected by later decisions is termed an -
(ANSWER)Sunk Cost
, 4
Accounting: The unfavorable volume variance may be due to all but the following
facts... - (ANSWER)Unexpected increases in the cost of utilities
Accounting: What budget allows for adjustments in activity levels? -
(ANSWER)Flexible budget
Accounting: A budget that summarizes future plans for the acquisition of fixed
assets is the... - (ANSWER)Capital expenditures budget
Accounting: What are the standard framework of guidelines for financial
accounting used in any given jurisdiction, also known as accounting standards?? -
(ANSWER)GAAP
Economics: What occurs when the price level rises? - (ANSWER)People need to
hold more money, so interest rates rise, making firms borrow and invest less
Economics: The federal government enacted regulation in the 1960's requiring
people to wear seatbelt in their cars. All of the following resulted from this
regulation, EXCEPT: - (ANSWER)Fewer pedestrians were killed in car accidents.
Economics: Which of the following is true regarding the production possibilities
frontier model of the economy? - (ANSWER)Any point along the PPF represents
an efficient level of production.
