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1) The cost principle requires that when assets are
acquired, they be recorded at __________.
A. exchange price paid
B. selling price
C. appraisal value
D. list price
2) The first step in
activity-based costing is to __________.
A. compute the activity-based overhead rate per
B. identify and classify the major activities
involved in the manufacture of specific products
C. assign manufacturing overhead costs for each
activity cost pool to products
D. identify the cost driver that has a strong
correlation to the activity cost pool
3) Which one of the following is a product cost?
A. Office salaries
B. Sales person’s salaries
C. Indirect labor
D. Advertising costs
4) “Generally accepted” in the phrase generally
accepted accounting principles means that the principles __________.
A. have substantial authoritative support
B. have been approved by the Internal Revenue
C. are proven theories of accounting
D. have been approved for use by the managements
of business firms
5) What is the preparation of reports for each level of
responsibility in the company’s organization chart called?
A. Responsibility reporting
B. Exception reporting
C. Static reporting
D. Master budgeting analysis
6) What exists when
budgeted costs exceed actual results?
A. A favorable difference
B. An unfavorable difference
C. A budgeting error
D. An excess profit
7) The cost principle
is the basis for preparing financial statements because it is __________.
A. relevant and objectively measured, and
B. the most accurate measure of purchasing power
C. a conservative value
D. an international accounting standard
8) The income
statement and balance sheet columns of Pine Company’s worksheet reflects the
Dr. Cr. Dr. Cr.
$48,000 $34,000 $44,000
To enter the net
income (or loss) for the period into the above worksheet requires an entry to
A. income statement credit column and the
balance sheet debit column
B. balance sheet debit column and the balance
sheet credit column
C. income statement debit column and the balance
sheet credit column
D. income statement debit column and the income
statement credit column
9) The primary
purpose of the statement of cash flows is to __________.
A. prove that revenues exceed expenses if there
is a net income
B. facilitate banking relationships
C. provide information about the investing and
financing activities during a period
D. provide information about the cash receipts
and cash payments during a period
10) Sam’s Used Cars uses the specific identification method
of costing inventory. During March, Sam purchased three cars for $6,000,
$7,500, and $9,750, respectively. During March, two cars are sold for $9,000
each. Sam determines that at March 31, the $9,750 car is still on hand. What is
Sam’s gross profit for March?
11) If a company
reports a net loss, it __________.
A. will not be able to pay cash dividends
B. will not be able to make capital expenditures
C. may still have a net increase in cash
D. will not be able to get a loan
12) One of Astro Company’s activity cost pools is machine
setups, with estimated overhead of $150,000. Astro produces sparklers (400
setups) and lighters (600 setups). How much of the machine setup cost pool
should be assigned to sparklers?
13) Of the following companies, which one would not likely
employ the specific identification method for inventory costing?
A. Farm implement dealership
B. Hardware store
C. Music store specializing in organ sales
D. Antique shop
14) The major reporting standard for management accounts is
A. the Sarbanes-Oxley Act of 2002
B. generally accepted accounting principles
C. the Standards of Ethical Conduct for
Practitioners of Management Accounting and Financial Management
D. relevance to decisions
15) Assume oligopoly firms are profit maximizers, they do
not form a cartel, and they take other firms’ production levels as given. Then
in equilibrium the output effect __________.
A. must be smaller than the price effect
B. can be larger or smaller than the price
C. must dominate the price effect
D. must balance with the price effect
16) A tax on an imported
good is called a __________.
B. trade tax
D. supply tax
17) A logical
starting point from which the study of international trade begins is
A. the recognition that government intervention
in markets sometimes enhances the economic welfare of the society
B. the recognition that not all markets are
C. the principle of absolute advantage
D. the principle of comparative advantage
18) In economics, the
cost of something is __________.
A. always measured in units of time given up to
B. the dollar amount of obtaining it
C. what you give up to get it
D. often impossible to quantify, even in
19) Which of the following would be most likely to
contribute to the breakdown of a cartel in a natural resource (e.g., bauxite)
A. Low price elasticity of demand
B. High prices
C. High compatibility of member interests
D. Unequal member ownership of the natural
20) A production possibilities frontier will be a straight
line if __________.
A. increasing the production of one good by x
units entails a constant opportunity cost in terms of the other good
B. increasing the production of one good by x
units entails no opportunity cost in terms of the other good
C. the economy is producing efficiently
D. the economy is engaged in trade with at least
one other economy
21) In order to be
successful, a cartel must __________.
A. agree on the total level of production for
the cartel, but they need not agree on the amount produced by each member
B. find a way to encourage members to produce
more than they would otherwise produce
C. agree on the total level of production and on
the amount produced by each member
D. agree on the prices charged by each member,
but they need not agree on amounts produced
22) The part of the balance of payments account that records
the amount of foreign currency the government buys or sells is the:
A. financial and capital account.
B. current account.
C. government financial account.
D. balance of trade.
23) Real GDP __________.
A. evaluates current
production at the prices that prevailed in some specific year in the past.
B. evaluates current production at current
C. is not a valid measure of the economy’s
performance, since prices change from year to year.
D. is a measure of the value of goods only; it
excludes the value of services.
24) The principal lag
for monetary policy __________.
A. and fiscal policy is the time it takes for
policy to change spending
B. and fiscal policy is the time it takes to
C. is the time it takes to implement policy. The
principal lag for fiscal policy is the time it takes for policy to change
D. is the time it takes for policy to change
spending. The principal lag for fiscal policy is the time it takes to implement
25) President George
W. Bush and congress cut taxes and raised government expenditures in 2003.
Which of the following is not correct?
A. While there was subsequent improvement in
economic performance, it’s not entirely clear that this was due to the policy.
B. At the time the economy was just moving into
C. In general monetary policy can be implemented
faster than fiscal policy.
D. In general it is easier to reverse monetary
policy than to reverse fiscal policy.
26) Consider two
items that might be included in GDP: (1) The estimated rental value of
owner-occupied housing; and (2) purchases of newly-constructed homes. How are
these two items accounted for when GDP is calculated?
A. Item (1) is included in the consumption
component, while item (2) is included in the investment component.
B. Both item (1) and item (2) are included in
the consumption component of GDP.
C. Item (1) is included in the investment
component, while item (2) is included in the consumption component.
D. Only item (2) is included in GDP and it is
included in the investment component.
27) Many U.S.
business leaders argue that the current state of U.S. net exports is the result
A. free trade policies of foreign governments.
B. unproductive U.S. workers.
C. unfair foreign competition.
D. U.S. export subsidies.
28) An invisible barrier that makes it difficult for certain
groups, such as minorities and women, to move beyond a certain level in the
organizational hierarchy is referred to as the:
A. Job enrichment theory
B. Job enlargement concept
C. Glass ceiling
D. Black box theory
E. Glass floor
29) The pursuit of
lucrative opportunities by enterprising individuals is called:
A. Business incubating
E. Social experimentation
30) An organization that is managed aggressively and has
growth and high profits as primary objectives may be considered a(n):
A. Small business
B. Entrepreneurship venture
C. Large corporation
D. Multinational corporation
E. Online Business
31) Listening to
employee suggestions, gaining support for organizational objectives and
fostering an atmosphere of teamwork are all considered:
A. Diagnostic skills
B. Professional skills
C. Interpersonal/communication skills
D. Technical skills
32) One of the most important contributors to total quality
management has been the introduction of statistical tools to analyze the causes
of product defects in an approach called:
A. ISO 9000
C. Total quality integration
D. Six Sigma Quality
33) A series of quality standards developed by a committee
working under the International Organization for Standardization to improve
total quality in all businesses for the benefit of both producers and consumers
A. ISO 9000
B. Computer-integrated manufacturing (CIM)
C. Just-in-time control (JIT)
D. Total quality management
E. Customer-based integration
manufacturers’ kaizen (continuous improvement) programs enable them to
A. Larger, faster facilities
B. Positive working relationships with all
C. A Learning advantage over their competition
D. A strategic alliance
E. A homogeneous workforce
35) The best way for
an employer to find out if a potential employee can do a job is by __________.
A. having them spend a day in the office
B. administering an IQ test
C. using a written test
D. using the interview process
E. using a performance simulation test
36) The Aquatic
Center, Inc. periodically reviews the goals of the company. During the process,
The Aquatic Center managers analyze their current strategies as compared to
their competitors, determine goals that they will pursue and decide upon
specific actions for each area of the company to take in pursuit of these
goals. The Aquatic Center managers have been engaged in the management function
A. Goal Coordination
37) As related to
managing of human resources, diversity refers to:
A. Differences in demographics (such as age,
race, gender, disability status, lifestyle, veteran status, educational level,
B. Differences in pay methods (such as hourly,
salaried, overtime, hazard-pay, commissioned, etc.)
C. Differences in recruiting methods (such as
newspapers, schools, flyers, magazines, agencies, etc.)
D. Differences in employee benefit plans (such
as pensions, insurance, vacations, memberships, etc.)
E. Differences in retention strategies (such as
training, hiring, incentives, etc)
38) Your roommate is interested in starting a business and
everybody has been giving him different information about being an
entrepreneur. Since you have been studying about entrepreneurship and new
ventures, which of these would you tell him is true?
A. Money should not be considered a start-up
B. All entrepreneurs need venture capital in
order to get started
C. Successful entrepreneurs take very careful,
D. Entrepreneurs are their own bosses and
E. Anyone can start a business
39) Teams that operate separately from the regular work
structure and exist temporarily are known as:
A. Self-designing teams
B. Transnational teams
C. Self-managed teams
D. Parallel teams
E. Management teams
Stabilio just joined a team of people from throughout his organization whose
primary task is to recommend valuable uses for the scrap generated in the
manufacturing process. The team meets twice per week; otherwise members work
within the usual organizational structure. The team, not permanent, which
Sebastian has joined, would be considered a:
A. Project group
B. Parallel team
C. Project team
D. Working group
E. Work team
41) Which of these
represent skills that managers need?
A. Professional, technical and interpersonal
B. Interpersonal, quantitative, and professional
C. Conceptual & decision making, professional
D. Technical, interpersonal & communication
and conceptual & decision making
E. Interpersonal & communication, conceptual
& decision making and professional
42) William used a sample of 68 U.S. cities to estimate the
relationship between Crime (annual property crimes per 100,000 persons) and
Income (median income per capita). His estimated regression equation was Crime
= 428 + .050 Income.
Which outcomes would
be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005
Y = number of
robberies in each city (thousands of robberies) and
X = size of police
force in each city (thousands of police)?
A. High R2 (due to city size).
C. Positive slope (due to city size).
D. No correlation.
43) Twelve randomly-chosen students were asked how many
times they had missed class during a certain semester, with this result: 2, 1,
5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample,
which measure of central tendency is least representative of the “typical”
44) In a right-tail test, a statistician came up with a z
test statistic of 1.469. What is the p-value?
45) Which of the following statements is true?
A. The sum of two mutually exclusive events is
B. If A and B are independent events, the P(B) =
C. The probability of A and its complement (A’)
will always sum to one.
D. If event (A) occurs, then its complement (A’)
will also occur.
46) Independent events A and B would be consistent with
which of the following statements:
A. P (A) = .4, P (B) = .3, P (A B) = .5
B. P (A) = .5, P (B) = .4, P (A B) = .3
C. P (A) = .3, P (B) = .5, P (A B) = .4
D. P (A) = .4, P (B) = .5, P (A B) = .2
47) Jolly Blue Giant
Health Insurance (JBGHI) is concerned about rising lab test costs and would
like to know what proportion of the positive lab tests for prostate cancer are
actually proven correct through subsequent biopsy. JBGHI demands a sample large
enough to ensure an error of ± 2% with 90% confidence. What is the necessary
48) In an
activity-on-node [AON] network, the nodes represent ____________, whereas the
arcs represent ____________.
A. events; activities
B. activities; time
C. precedence relationships; time
D. activities; precedence relationships
49) Companies using
lean systems generally have:
A. suppliers that are willing to accept
B. many suppliers to ensure that material
shortages never occur.
C. suppliers who are low-cost producers.
D. suppliers that are located nearby to decrease
delivery lead time.
50) Which one of the
following statements about managerial inputs to production and staffing plans
A. Marketing provides new product or service
B. Finance provides labor and machine standards.
C. Materials provide the current staffing level.
D. Human resources provide the training capacity
and labor-market conditions.
service capacity must exceed demand, lest queues become infinitely long. If
capacity does not exceed demand, what is likely to happen?
A. Servers will eliminate time-consuming
portions of their jobs, thereby increasing capacity.
B. Customers will renege or balk, thereby
C. All of these
D. Servers will decrease time spent per
customer, thereby increasing capacity.
52) You are faced
with a linear programming objective function of:
Max P = $20X + $30Y
and constraints of:
3X + 4Y = 24
5X – Y = 18
You discover that the
shadow price for Constraint A is 7.5 and the shadow price for Constraint B is
0. Which of these statements is TRUE?
A. For every additional unit of the objective
function you create, the price of A rises by $7.50.
B. You can change quantities of X and Y at no
cost for Constraint B.
C. The most you would want to pay for an
additional unit of A would be $7.50.
D. For every additional unit of the objective
function you create, you lose 0 units of B.
53) Which of the following are disadvantages of the buy
option for acquiring IS applications?
A. company will not have control over software
B. software may not exactly meet the company’s
C. all of the these are disadvantages
D. software may not integrate with existing
E. software may be impossible to modify
54) When your
purchases are swiped over the bar-code reader at the point-of-sale terminals at
Wal-Mart, a _____ records the data.
B. transaction processing system
C. office automation system
D. enterprise resource planning system
E. functional area information system
55) Networks enable which of the following applications?
C. All of the these
D. Web services
56) Which of the
following statements is correct?
A. An individual’s right to privacy supersedes
the needs of society
B. An individual’s right to privacy is absolute
C. The Internet has increased individuals’
D. Advances in information technologies have not
affected individual privacy
E. It is difficult to determine and enforce
57) The costs of
delivering products in the _____ channel are much higher than delivering
products in the _____ channel.
A. digital, physical
B. e-commerce, digital
C. physical, digital
D. physical, financial
E. digital, e-commerce
58) _____ is the
efficient and effective execution of specific tasks.
A. Strategic planning
D. Operational control
E. Management control
59) Which of the following is not a function of functional
area information systems?
A. provides information mainly in the form of
B. provides data from business events to the
C. provides analysis capabilities to middle
level managers and staff
D. provides information to managers in the
E. supports the managerial tasks of planning,
organizing, and controlling operations
60) Computer support is greatest for which of the following
A. Structured and operational control
B. Semistructured and management control
C. Structured and management control
D. Semistructured and strategic planning
E. Unstructured and operational control
61) _____ is the
acquisition and efficient use of resources in accomplishing organizational
A. Strategic planning
D. Operational control
E. Management control
industries are most susceptible to which one of Porter’s five forces?
A. threat of substitute products
B. bargaining power of customers
C. rivalry among existing firms in an industry
D. bargaining power of suppliers
63) The common stockholders are most concerned with:
A. the risk of the investment.
B. the size of the firm’s beginning earnings per
C. the spread between the return generated on
new investments and the investor’s required rate of return.
D. the percentage of profits retained.
64) You hold a
portfolio with the following securities:
Percent of Portfolio
X Corporation 20% 1.35 14%
Y Corporation 35% .95 10%
Z Corporation 45% .75 8%
expected return and beta for the portfolio.
A. 34.4%, .94
B. 9.9%, 1.02
C. 9.9%, .94
D. 10.67%, 1.02
65) Exchange rate risk:
A. has been phased out due to recent
B. applies only to certain types of domestic
C. doesn’t affect trades made in US Dollars.
D. arises from the fact that the spot exchange
rate on a future date is a random variable.
66) Mortgage bonds:
A. usually pay little or no interest.
B. are secured by a lien on real property.
C. can only be issued by financial institutions.
D. are a type of debenture.
67) Which of the
following represents an attempt to measure the earnings of the firm’s
operations over a given time period?
A. Income statement
B. Cash flow statement
C. Quarterly statement
D. Balance sheet
68) Bell Weather,
Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and the
risk-free rate is 5%. According to CAPM, what is the required return on this
69) Which of the following best represents the stream of
income that is available to common stockholders?
A. Gross profit
B. Operating profit