BUS 475 Final Exam step-1
BUS 475 Final Exam step-1
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Date Created: 11/07/15
BUS 475 Final Exam QUESTIONS WITH ANSWERS 1 Which one of the following items is not generally used in preparing a statement of cash ows Adjusted trial balance Comparative balance sheets Additional information Current income statement POP 2 One of Astro Company39s activity cost pools is machine setups with estimated overhead of 150000 Astro produces sparklers 400 setups and lighters 600 setups How much of the machine setup cost pool should be assigned to sparklers A 150000 B 60000 C 90000 D 75000 3 Of the following companies which one would not likely employ the specific identification method for inventory costing A Music store specializing in organ sales B Antique shop C Farm implement dealership D Hardware store 4 Which one of the following is a product cost Indirect labor Sales person s salaries Office salaries Advertising costs POP 5 The conceptual framework developed by the Financial Accounting Standards Board A was approved by a vote of all accountants B is viewed as providing a constitution for setting accounting standards for nancial reporting C are rules that all accountants must follow D is legally binding on all accountants 6 What is the preparation of reports for each level of responsibility in the company s organization chart called A Static reporting B Exception reporting C Responsibility reporting D Master budgeting analysis 7 The cost principle requires that when assets are acquired they be recorded appraisal value selling price exchange price paid list price UQWgt 8 If a company reports a net loss it will not be able to make capital expenditures will not be able to get a loan may still have a net increase in cash will not be able to pay cash dividends PCP 9 The major reporting standard for management accounts is A generally accepted accounting principles B relevance to decisions C the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management D the Sarbanes Oxley Act of 2002 10 The primary purpose of the statement of cash ows is to A facilitate banking relationships B provide information about the cash receipts and cash payments during period C provide information about the investing and financing activities during a period D prove that revenues exceed expenses if there is a net income 11 Managerial accounting places emphasis on specialpurpose information pertains to the entity as a whole and is highly aggregated is concerned with costing products is governed by generally accepted accounting principles POP 12 A welldesigned activitybased costing system starts with analyzing the activities performed to manufacture a product assigning manufacturing overhead costs for each activity cost pool to products identifying the activity cost pools computing the activity based overhead rate POP 13 Balance sheet accounts are considered to be nominal accounts capital accounts temporary stockholders accounts permanent accounts POW 14 As Plant Controller you are trying to determine which costs over which you have the most control on a day to day basis Your goal is to achieve better profitability The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs Which of the following items would be classified as manufacturing overhead A Cost of landscaping the corporate office B The western division s Vice president s salary C D General corporate liability insurance Factory janitor 15 There are two types of markets in which rms face some competition yet are still able to have some control over the prices of their products The names given to these market structures are POP perfect competition and monopolistic competition duopoly and imperfect competition duopoly and triopoly monopolistic competition and oligopoly 16 Lekeisha39s income exceeds her expenditures Lekeisha is a borrower who demands money from the financial system borrower who supplies money to the financial system saver who supplies money to the nancial system cow saver who demands money from the financial system 17 A tax on an imported good is called a supply tax trade tax tariff DOW quota 18 Lucy starts her own psychiatric practice but her expenditures to open the practice exceed her income Lucy is a borrower who demands money from the nancial system POP borrower who supplies money to the financial system saver who supplies money to the financial system saver who demands money from the financial system 19 One characteristic of an oligopoly market structure is POP rms in the industry have some degree of market power firms in the industry are typically characterized by very diverse product lines the actions of one seller have no impact on the profitability of other sellers products typically sell at a price that re ects their marginal cost of production 20 When in a particular market the law of demand and the law of supply both apply the imposition of a binding price ceiling in that market causes quantity demanded to be less than quantity supplied greater than quantitv supplied double the quantity supplied equal to quantity supplied POP 21 When a rm sells a good or a service the sale contributes to the nation s income A only if the buyer of the good or service is a household or another firm B only if the buyer of the good or service is a household C We have to know whether the item being sold is a good or a service in order to answer the question D whether the buyer of the good or a service is a household another rm or the government 22 The openeconomy macroeconomic model includes A only the market for foreign currency exchange B only the market for loanable funds C neither the market for loanable funds or the market for foreign currency exchange D both the market for loanable funds and the market for foreigncurrency exchange 23 Most economists use the aggregate demand and aggregate supply model primarily to analyze the effects of macroeconomic policy on the prices of individual goods shortrun uctuations in the economy productivity and economic growth the long run effects of international trade policies POP 24 In the market for foreigncurrency exchange in the open economy macroeconomic model the amount of net capital out ow represents the quantity of dollars A supplied for the purpose of buying assets abroad B supplied for the purpose of selling assets domestically C demanded for the purpose of importing foreign goods and services D demanded for the purpose of buying US net exports of goods and services 25 Which of the following is not correct A A potential cost of deficits is that they reduce national saving thereby reducing growth of the capital stock and output growth B The US debt perperson is large compared with average lifetime income C Deficits give people the opportunity to consume at the eXpense of their children but they do not require them to do so D In 2005 the US government had a deficit 26 The Federal Reserve will tend to tighten monetary policy when interest rates are rising too rapidly the growth rate of real GDP is quite sluggish it thinks the unemployment rate is too high it thinks in ation is too high today or will become too high in the future POW 27 Which of the following statements about GDP is correct A Nominal GDP values production at current prices whereas real GDP values production at constant prices B Nominal GDP values production at market prices Whereas real GDP values production at the cost of the resources used in the production process C Nominal GDP values production at constant prices Whereas real GDP values production at current prices D Nominal GDP consistently underestimates the value of production Whereas real GDP consistently overestimates the value of production 28 The most dominant areas in the global economy include North America Western Europe and Asia North America Asia and Africa North America Mexico and Asia Western Europe Asia and Africa North America South America and Western Europe WUOW 29 The term used to refer to all kinds of differences including religious affiliation age disability status economic class and lifestyle in addition to gender race ethnicity and nationality is DiversitV Recruiting Employment Managerial ethics Selection WUOW 30 A leader is Someone with authority over others Someone who in uences others to attain goals The top level manager in a firm or business Someone well respected by others A strategic level manager EEC 31 Teams that operate separately from the regular work structure and exist temporarily are known as Management teams Self managed teams Parallel teams Transnational teams Self designing teams WUQPquot 32 is the process of working with people and resources to accomplish organizational goals Supervising Decision making Management Controlling Planning mung 33 An organization that is managed aggressively and has growth and high profits as primary objectives may be considered an A Online Business B Entrepreneurship venture C Large corporation D Small business E Multinational corporation 34 A manager39s ability to stimulate people to be high performers is referred to as A Supervising B Controlling C Organizing D Leading E Planning 35 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 bene t of both producers and consumers is Customer based integration Computer integrated manufacturing CIM Just in time control J IT ISO 9000 Total quality management wpnwgt 36 Having individuals actually do the job they are applying for as a test to see if they can do it is a formal means of screening candidates an approach with high reliability an approach with high face validitv an informal means of screening candidates an approach with low reliability WUQWP 37 The basic components of an effective sexual harassment policy include the following EXCEPT To act immediately when employees complain of sexual harassment To develop an organization wide policy on sexual harassment To establish a means for ongoing training To establish a performance appraisal system To establish a formal complaint procedure WPOPquot 38 The best way for an employer to find out if a potential employee can do a job is by administering an IQ test using the interview process using a performance simulation test using a written test having them spend a day in the office EDGE 39 As related to managing of human resources diversity refers to A Differences in pay methods such as hourly salaried overtime hazard pay commissioned etc B Differences in employee benefit plans such as pensions insurance vacations memberships etc C Differences in retention strategies such as training hiring incentives etc D Differences in recruiting methods such as newspapers schools yers magazines agencies etc E Differences in demographics such as age race gender disabilitv status lifestvle veteran status educational level etc 40 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 Mechanistic Six Sigma Oualitv Organic Total quality integration ISO 9000 909 41 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 Successful entrepreneurs take very careful calculated risks Anyone can start a business All entrepreneurs need venture capital in order to get started Entrepreneurs are their own bosses and completely independent Money should not be considered a start up ingredient WUOW 42 Jolly Blue Giant Health Insurance J BGHI 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 J BGHI demands a sample large enough to ensure an error of i 2 with 90 confidence What is the necessary sample size A 1 692 B 609 C 2401 D 1604 43 In a righttail test a statistician came up with a z test statistic of 1469 What is the pvalue A 0708 B 0301 C 4292 D 0874 44 Twelve randomlychosen 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 the median is A 35 B 3 C 25 D 2 45 Twelve randomlychosen 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 the standard deviation is approximately A 375 B 455 C 475 D 303 46 William used a sample of 68 US cities to estimate the relationship between Crime annual property crimes per 100000 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 US cities in 2005 with Y number of robberies in each city thousands of robberies and X size of police force in each city thousands of police Autocorrelation High R2 due to city size No correlation Positive slope due to city size POW 47 Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player Tests on a random sample of 18 batteries showed a mean battery life of 378 hours with a standard deviation of 54 hours In determining the pvalue for reporting the study39s ndings which of the following is true A The p Value is less than 05 B The p Value is equal to 05 C The p Value cannot be determined without specifying D The pvalue is greater than 05 48 In an activityonnode AON network the nodes represent whereas the arcs represent precedence relationships time events activities activities time activities precedence relationships POW 49 Theoretically service capacity must exceed demand lest queues become infinitely long If capacity does not exceed demand what is likely to happen A All of these B Servers will eliminate time consuming portions of their jobs thereby increasing capacity C Customers will renege or balk thereby reducing demand D Servers will decrease time spent per customer thereby increasing capacity 50 Queuing models use an ABC notation What do these variables represent A minimum time between arrivalsminimum allowable service timeminimum number of parallel servers B maximum time between arrivalsmaximum allowable service timemaximum number of parallel servers C distribution of time between arrivalsdistribution of service timesnumber of parallel servers D average time between arrivalsaverage service timenumber of parallel servers 51 In a network diagram an activity A must always have a single precise estimate for the time duration B should always be something the company has had experience with C is the largest unit of work effort consuming both time and resources that a project manager can schedule and control D is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control
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