BUS 475 Final Exam step-5
BUS 475 Final Exam step-5
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Date Created: 11/07/15
BUS 475 Final Exam QUESTIONS WITH ANSWERS 1 The income statement and balance sheet columns of Pine Company39s worksheet re ects the following totals Income Statement Balance Sheet Dr Cr Dr Cr Totals 58000 48000 34000 44000 Closing entries are necessary for A temporary accounts only B permanent accounts only C permanent or real accounts only D both permanent and temporary accounts Read more httpblogaccountingcoachcomclosingentries2 2 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 General corporate liability insurance B Factory janitor C The western division s Vice president s salary D Cost of landscaping the corporate office Read more httpwwwinvestorwordscom2942manufacturing overheadhtml 3 Which list below best describes the major services performed by public accountants A Employee training auditing bookkeeping B Bookkeeping mergers budgets C Cost accounting production scheduling recruiting D Auditing taxation management consulting Read more httpwwwcollegeboardcomcsearchmajors careersprofilescareers106541 html 4 The conceptual framework developed by the Financial Accounting Standards Board A are rules that all accountants must follow B was approved by a vote of all accountants C is legally binding on all accountants D is viewed as providing a constitution for setting accounting standards for financial reporting Read more httpwwwinvestopediacomtermsffasbasp 5 In what situations will a static budget be most effective in evaluating a manager39s effectiveness A The company has substantial variable costs B The company has substantial fixed costs C The company has no fixed costs D The planned activity levels match actual activity levels Read more httpblogaccountingcoachcomwhatisastaticbudg httpbusinessmanagementsuite101comarticlecfmwhat is management ef fectiveness 6 Which one of the following items is not generally used in preparing a statement of cash ows A Comparative balance sheets B Adiusted trial balance C Additional information D Current income statement Read more httpwwwaccountingcoachcomonlineaccounting course06ng01html 7 These are selected account balances on December 31 2008 Land location of the corporation s of ce building 150000 Land held for future use 225000 Corporate Of ce Building 900000 Inventory 300000 Equipment 675000 Of ce Furniture 150000 Accumulated Depreciation 450000 What is the net amount of property plant and equipment that will appear on the balance sheet A 1425000 B 1650000 C 2400000 D 1950000 8 A welldesigned activitybased costing system starts with A analyzing the activities performed to manufacture a product B computing the activity based overhead rate C assigning manufacturing overhead costs for each activity cost pool to products D identifying the activity cost pools Read more httpwwwvaluebasedmanagementnetmethods abchtml 9 The cost principle is the basis for preparing nancial statements because it is A the most accurate measure of purchasing power B relevant and objectively measured and veri able C an international accounting standard D a conservative value Read more httpwwwaccountingcoachcomtermsCcostprinciplehtml 10 Which one of the following is a product cost A Advertising costs B Office salaries C Sales person s salaries D Indirect labor Read more httpwwwiderhertsacukschoolcoursewarecostsproduct costshtml 11 If a company reports a net loss it A will not be able to make capital expenditures B will not be able to pay cash dividends C will not be able to get a loan D may still have a net increase in cash Read more httpwwwwisegeekcomwhatisnetlosshtm 12 The primary purpose of the statement of cash ows is to A prove that revenues exceed expenses if there is a net income B provide information about the investing and financing activities during a period C facilitate banking relationships D provide information about the cash receipts and cash payments during period 13 The major reporting standard for management accounts is A the Sarbanes Oxley Act of 2002 B the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management C generally accepted accounting principles D relevance to decisions Read more httpwwwinvestopediacomarticles04033104asp 14 Disney s variable costs are 30 of sales The company is contemplating an advertising campaign that will cost 22000 If sales are expected to increase 40000 by how much will the company39s net income increase A 28000 B 1 8000 C 6 000 D 1200 15 The price of a good that prevails in a world market is called the A relative price B absolute price C world price D comparative price 16 A country39s consumption possibilities frontier can be outside its production possibilities frontier if A the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries B the country s technology is superior to the technologies of other countries C the country imports more than it exports D the countrv engages in trade 17 The general term for market structures that fall somewhere inbetween monopoly and perfect competition is A monopolistically competitive markets B imperfectlv competitive markets C incomplete markets D oligopoly markets Read more httpwwwamoswebcomcgibinawb navDl swpdampcdspampkimperfectcompetition 18 For a college student who wishes to calculate the true costs of going to college the costs of room and board A plus the cost of tuition equals the opportunity cost of going to college B should be counted onlv to the extent that thev are more expensive at college than elsewhere C should be counted in full regardless of the costs of eating and sleeping elsewhere D usually exceed the opportunity cost of going to college 19 A tax on an imported good is called a A trade tax B tariff C quota D supply taX Read more httpmw4mwcomdictionarvtariff 20 Without trade A interdependence is more extensive than it would be with trade B a country39s production possibilities frontier is also its consumption possibilities frontier C a country is better off because it will have to learn to be self sufficient without trade D a country can still benefit from international specialization 21 Which of the following statements about GDP is correct A GDP increases if the total population increases B Money continuously ows from households to government and then back to households and GDP measures this ow of money C GDP measures two things at once the total income of everyone in the economy and the unemployment rate D GDP is to a nation s economy as household income is to a household Read more httpwwwinvestorwordscom2153GDPhtml httpenwikipediaorgwikiGross domestic product 22 The political business cycle refers to A the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get reelected B changes in output created by the monetary rule the Fed must follow C the fact that about every four years some politician advocates greater government control of the Fed D the part of the business cycle caused by the reluctance of politicians to smooth the business cycle Read more httpwwwbusinessdictionarvcomdefinitionpoliticalbusiness cvclehtml httpwwwistororgpss2296528 23 The openeconomy macroeconomic model examines the determination of A unemployment and the exchange rate B the trade balance and the exchange rate C the output growth rate and the real interest rate D the output growth rate and the in ation rate Read more httpwwwangelfirecomidSergioDaSilvaopenhtml httpeconomicsaboutcomcsopeneconomv 24 The model of shortrun economic uctuations focuses on the price level and A economic growth B Net GDP C real GDP D the neutrality of money Read more httpwwwpagesdrexeledujdh56ADAS 201ecture 20notespdf httpll ashcarddbcomcardset17942shortruneconomic uctuations ashcards 25 Which of the following statements about GDP is correct A Nominal GDP values production at constant prices whereas real GDP values production at current prices B Nominal GDP consistently underestimates the value of production whereas real GDP consistently overestimates the value of production C Nominal GDP values production at current prices whereas real GDP values production at constant prices D Nominal GDP values production at market prices whereas real GDP values production at the cost of the resources used in the production process 26 Real GDP A evaluates current production at the prices that prevailed in some specific year in the past B is a measure of the value of goods only it excludes the value of services C evaluates current production at current prices D is not a valid measure of the economy39s performance since prices change from year to year 27 The balance of payment account is made up of A an import account and an export account B a monetary account and a fiscal account C a current account and a financial and capital account D an investment account and a consumption account Read more httpinternationaleconcomFinanceFchSFS5php httpwwwinvestopediacomarticles03060403asp 28 Which of the following best describes a mental image of a possible and desirable future state of the organization A Horizontal communication B Vision C Mission D Vertical communication E Leadership Read more httpsbinfocanadaaboutcomodbusinessplanninglgvisionstatementhtm 29 Which of these refers to the practices aimed at discovering and harnessing an organization39s intellectual resources A Effectiveness B Knowledge management C Collaboration D Competitiveness E Innovation Read more httpwwwsvstemsthinkingorgkmgmtkmgmthtm httpenwikipediaorgwiki nowledge management 30 As related to managing of human resources diversity refers to A Differences in retention strategies such as training hiring incentives etc B Differences in recruiting methods such as newspapers schools yers magazines agencies etc C Differences in employee benefit plans such as pensions insurance vacations memberships etc D Differences in pay methods such as hourly salaried overtime hazard pay commissioned etc E Differences in demographics such as age race gender disability status lifestyle veteran status educational level etc Read more httphumanresourcesaboutcomodglossarvmgmanage humanshtm httpmanagementhelporghr mgmnthr mgmnthtm 31 When a company establishes technology leadership by pioneering unique products or services that command premium prices it has bene ted from a A Differentiation strategy B High price strategy C Highcost strategy D Diversification strategy E Low cost strategy Read more httpwwwbusinessdictionarvcomdefinitionhighprice strategvhtml 32 Teams that operate separately from the regular work structure and exist temporarily are known as A Transnational teams B Parallel teams C Management teams D Self managed teams E Self designing teams Read more httpwwwsuperbusinessnet nowledgg Management811html 33 Which of these represent skills that managers need A Interpersonal quantitative and professional B Technical interpersonal amp communication and conceptual amp decision making C Interpersonal amp communication conceptual amp decision making and professional D Conceptual amp decision making professional and technical E Professional technical and interpersonal amp communication Read more httpmanagementaboutcomodmanagementskillsManagement Skillshtm httpmanagementhelporgfp progsmng modmng ldrhtm 34 Having individuals actually do the job they are applying for as a test to see if they can do it is A an approach with high face validity B a formal means of screening candidates C an approach with low reliability D an approach with high reliability E an informal means of screening candidates 35 A manager39s ability to stimulate people to be high performers is referred to as A Organizing B Staffing C Planning D Controlling E Leading Read more httpwwwthefreedictionarvcomleading 36 The most dominant areas in the global economy include A North America Mexico and Asia B Western Europe Asia and Africa C North America Western Europe and Asia D North America Asia and Africa E North America South America and Western Europe Read more httpwebworldbankorgWBSITEEXTERNALEXTDECEXTDECPROSP ECTSEXTGBLPROSPECTSAPRIL0menuPK659178pagePKz64218926 piPK64218953theSitePK65914900html httpenWikipediaorgWikiWorld economy 37 An organization that is managed aggressively and has growth and high profits as primary objectives may be considered an A Large corporation B Online Business C Multinational corporation D Entrepreneurship venture E Small business Read more httpwwwcorporatehxcom 38 is the process of working with people and resources to accomplish organizational goals A Management B Supervising C Planning D Decision making E Controlling Read more httpenwikipediaorgwikiManagement httpwwwleadership501comdefinitionofmanagement21 39 Building a dynamic organization is another way of describing which function of management A Controlling B Organizing C Planning D Leading E Staffing Read more httpmanagementhelporgorg thrvorg defnhtm 40 One study found that manufacturing labor costs about an hour in China compared to dollars in the United States A 2 about 25 B About 2 about 15 C Less than 1 about 15 D Less than 1 about 25 E Less than 1 about 40 Check your textbook 41 ABC International carefully watches the actions of its most innovative competitor and learns from them ABC can establish a lowcost position by A Mass producing products that have an established market niche B Producing an imitation of the new technology that utilizes lowerquality and lowercost materials C Making subtle changes to the product thereby avoiding patent restrictions D Learning from the leader thereby avoiding the costs and risks of technology leadership E Technology followers are not successful at low cost strategies 42 Use the following table to answer question PM A is approximately A 25 B 125 C 625 D 50 Check your textbook 43 Which of the following statements is true A If A and B are independent events the PB PA PB B If event A occurs then its complement A39 will also occur C The probability of A and its complement A39 will always sum to one D The sum of two mutually exclusive events is one 44 Use the following table to answer question Are Service provider and county independent events A Insufficient information to determine B Yes C No Check your textbook 45 Use the following table to answer question PS W is approximately A 58 B 12 C 30 D 40 Check your textbook 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 A No correlation B Autocorrelation C Positive slope due to city size D High R2 due to city size Read more httpgeographvuoregonedug grtopicsregressionO1htm 47 Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder Which sampling method is this A Cluster sample B Simple random sample C Stratified sample D Systematic sample 48 Suppose that the optimal values of the decision variables to a twovariable linear programming problem remain the same as long as the slope of the objective function lies between the slopes of the following two constraints 2X1 3X2 26 2X1 2X2 20 The current objective function is 8X1 9X2 Z Which of the following statements about the range of optimality on c1 is TRUE A 0 cl 2 B 9 cl 12 C 2 c1 6 D 6 cl 9 49 Which one of the following statements concerning production and staffing plans is best A Aggregation can be performed along three dimensions product families labor and time B A master production schedule is a projected statement of income costs and profits C A staffing plan is the intermediate link between the business plan and the master production schedule D Production plans are based primarily on information from the master production plan Read more httpasumagcommaguniversitv building staffing plan http wwwlotsofessavscomviewpaper1712622html 50 Which one of the following statements concerning production and staffing plans is best A When production and staffing plans are made aggregation can be performed only along two dimensions products and time B Production and staf ng plans specifv production rates workforce levels and inventorv holdings but do not account for capacitv limitations because they are aggregated C Production and staffing plans attempt to achieve several objectives all of which must be consistent with one another D The impact of production and staffing plans cuts across several functional areas of the firm
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