COBA CORE

Dynamic Production Services started the year with total assets of $120,000 and total liabilities of $55,000. The revenues and the expenses for the year amounted to $100,000 and $80,000 respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. Calculate dynamics net income for the year

$20,000

What is the amount needed to close the recessionary gap if the economy's full-employment real gross domestic product (GDP) is $1.2 trillion and its equilibrium real GDP is $1.0 trillion?

$200 billion divided by the multiplier.

Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash $1,900 Accounts Receivable 8,900 Office Supplies 200 Equipment 22,300 Accumulated Depreciation— Equipment $2,000 Accounts Payable 1,000 Salaries Payable 850 Unearned Revenue 400 Common Stock 3,600 Dividends 3,000 Service Revenue 55,150 Salaries Expense 23,000 Supplies Expense 2,000 Depreciation Expense— Equipment 1,700 Total $63,000 $63,000 What will the balance of the Retained Earnings account be after the closing entries are posted?

$25,450

Fact pattern: The financial transactions for the country of Panglossia with values stated in billions of dollars are listed below. Gross domestic product (GDP) $4,000 Transfer payments 500 Corporate income taxes 50 Social Security contributions 200 Indirect business taxes 210 Personal taxes 250 Undistributed corporate profits 25 Depreciation 500 Net income earned abroad for the country 0 Panglossia's national income is

$3,290

Sharif Co. has total debt of $420,000 and equity of $700,000. Sharif is seeking capital to fund an expansion. Sharif is planning to issue an additional $300,000 in common stock and is negotiating with a bank to borrow additional funds. The bank requires a debt-to-equity ratio of .75. What is the maximum additional amount Sharif will be able to borrow?

$330,000

Milton, Inc. had the following transactions in 2019, its first year of operations: • Issued 8000 shares of common stock. Stock has par value of $0.01 per share and was issued at $40.00 per share. • Earned net income of $200,000. • Paid dividends of $8.00 per share. At the end of 2019, what is total stockholders' equity?

$456,000

Investment figures are for planned investment. Amounts are in billions. Personal Consumption Real GDP Expenditures $510 $492 520 500 530 508 540 516 550 524 560 532 570 540 Assuming that taxes and net exports are zero, government purchases of goods and services are equal to $12, and gross private domestic investment is equal to $10, the equilibrium real gross domestic product will be

$530

On March 1, 2018, Mandy Services issued a 3% long-term notes payable for $15,000. It is payable over a 3-year term in $5000 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $5000 and interest payment for the preceding one-year period. What is the amount of total cash payment that Mandy will make on March 1, 2019?

$5450

Assume that real gross domestic product (GDP), measured in Year 1 dollars, rose from $3,000 billion in Year 1 to $4,500 billion in Year 10. Assume also that the price index rose from 100 to 200 during the same period. The GDP for Year 1 expressed in terms of Year 10 prices is

$6,000 billion.

A company has equity of $9,000. Long-term debt is $1,900. Net working capital, other than cash, is $2,500. Fixed assets are $2,200. What amount of cash does the company have?

$6,200

A company has cash of $100 million, accounts receivable of $600 million, current assets of $1.2 billion, accounts payable of $400 million, and current liabilities of $900 million. What is its acid-test (quick) ratio?

0.78

The fixed costs per unit will ________.

increase as production decreases

Driving his sport utility vehicle negligently, Bart crashes into a streetlight. The streetlight falls, smashing through the roof of a house, killing Chris. But for Bart's negligence, Chris would not have died. Regarding the death, the crash is the:

cause in fact.

Which one of the following changes will cause the demand curve for gasoline to shift to the left?

The price of cars increases.

Which of the following will lower the breakeven point?

an increase in the sales price per unit

Sonia manages a Tasty Pastry store for United Food Company. To manage the business, Sonia's authority can be implied by:

an inference from the position Sonia occupies.

The Montana Supreme Court rules against Natural Grocery Mart in a case against One Stop 2 Shop Stores, Inc. Natural Grocery files an appeal with the United States Supreme Court. The Court does not hear the case. This:

means that the Montana court's decision is the law in Montana.

The employees of Eco Engineering Inc. share company-related resources among multiple computers without requiring a central network server. This is:

peer-to-peer (P2P) networking.

Robbie and Brent are both coaches for a city youth baseball league which has recently experienced a five game losing streak. Robbie is concerned that the team is not practicing enough while Brent thinks that it is just a slump. The discrepancy within their thoughts is explained by ________.

perceptual issue

In break-even analysis, in order to make a profit the company must

sell above the break-even point

When the output of some units can be used as inputs to other units, or if two organizations pool markets and expertise that result in lower costs and generate profits, ________ are created.

synergies

Basil, a clerk at Cycle World, takes a bicycle from the store without the owner's permission. Basil is liable for conversion:

under any circumstances.

Assuming that data exhibit a normal distribution, control limits set at +- 3 standard deviations from the mean capture how much common variation?

99.74%

. Which of the following illustrates the use of information systems to strengthen customer and supplier intimacy?

A PC manufacturer's use of information systems to facilitate direct access from suppliers to their production schedules

A normal profit is

A cost of resources from an economic perspective.

If a group of consumers decide to boycott a particular product, the expected result would be

A decrease in the demand for the product.

Which of the following is true of teams?

A team works over some time period to accomplish common goals related to some task- oriented purpose.

From an investor's viewpoint, the least risky type of bond in which to invest is a(n)

Mortgage bond.

All of the following are intelligent agents that are able to respond to human voice commands with useful information in voice or written form except:

FaceBook's DeepFace

Any business firm that has the ability to control the price of the product it sells

Faces a downward-sloping demand curve.

During a recession, the goal of government fiscal policy is to raise equilibrium output. An appropriate governmental action in this situation is to

Increase government spending.

is the concept under which a company carefully integrates and coordinates its many communications channels to deliver a clear, consistent, and compelling message about the organization and its products.

Integrated marketing communications

Management's financial estimates are based on all of the following except:

Irrelevance.

Which of the following statements about the median is not true?

It is equal to Q 2 .

National, Inc. provides the following data: 2019 2018 Cash $45,000 $25,000 Accounts Receivable, Net 138,000 62,000 Merchandise Inventory 70,000 50,000 Property, Plant, and Equipment, Net 200,000 120,000 Total Assets $453,000 $257,000 For the year ending December 31, 2019: Net Credit Sales $250,000 Cost of Goods Sold (110,000) Gross Profit $140,000 Calculate the accounts receivable turnover ratio for 2019. (Round your answer to two decimal places.)

2.50 times

What are the two key components of the operations strategy of Federal Express?

they own their own fleet of airplanes, and they use a sophisticated bar code technology

In a relational database, a record is also called a(n):

tuple

Rita is appointed as an agent for Superior Sales, Inc. The agency agreement is silent as to the level of sales that Rita is expected to achieve. She must:

use reasonable diligence and skill in selling.

In making decisions for Commercial Janitorial & Maintenance Services, Inc., Isaiah uses a cost- benefit analysis. This analysis is part of:

utilitarianism.

What are the four most common control charts?

x-bar, R, p, c

If the third stage of a repetitive line process cannot complete its activities as fast as stage one or two it has become a:

bottle neck

Goal-setting theory and self-efficacy theory do not ________.

compete with one another

The basis for India to give effect to the laws and court decisions of the United States is primarily:

courtesy and respect.

On the ________, cash dividends become a liability of a corporation.

declaration date

Verizon's implementation of a web-based digital dashboard to provide managers with real-time information, such as customer complaints, is an example of:

improved decision making

Paolo has cerebral palsy, Quincy has kleptomania, and both work for Reality Insurance Company. Considered disabled under the Americans with Disabilities Act (ADA) of 1990:

is Paolo only.

The total number of items that the company carries within its product lines refers to the of the product mix.

length

A higher level of vertical integration implies:

less outsourcing and more insourcing.

Under which of the following categories would bonds held as an investment for more than a year appear?

long-term assets

Which product and service strategy is typically seen in repetitive operations?

make-to-stock

All of the following are ways that marketing plays a key role in the company's strategic planning EXCEPT

marketing is the only discipline that can provide a formal structure for the planning effort.

OLAP is a tool that enables users to:

obtain online answers to ad hoc questions in a rapid amount of time.

All of the following would be ways to segment within the category of psychographic segmentation EXCEPT :

occupation.

For a manufacturing company, which of the following is a period cost?

office rent

The U.S. CAN-SPAM Act:

requires commercial email senders to identify themselves

The ___________are orderly compilations of the general common law of the United States, prepared by a distinguished group of lawyers, judges, and law teachers.

restatements of law

Yahoo, Info seek, and Excite are all called:

search engines.

Consumer goods with unique characteristics or brand identification often requiring a special purchase effort are called:

specialty products.

Which of the following is not true with respect to strategic and tactical decisions? a tactical decisions focus on more specific day-to-day decisions

tactical decisions determine the direction for strategic decisions

A positive organizational culture emphasizes all of the following except which?

tailoring positions to encourage work life balance

Individuals with a positive ________ identity but without a positive ________ identity can become fixed to their teams and unwilling to coordinate with other teams within the organization.

team; organizational

The Internet evolved from a network created by during the 1960s.

the Defense Department

Filtering is a barrier to effective communication. Filtering takes place when ________.

a sender purposely manipulates information so the receiver will see it more favorably

Outstanding stock represents shares of stock that ________.

are held by the stockholders

Upper and lower control limits are usually set at +- how many standard deviations from the mean?

3.0

A stock priced at $50 per share is expected to pay $5 in dividends and trade for $60 per share in one year. What is the expected return on this stock?

30%

If we are testing for the difference between the means of 2 independent populations presuming equal variances with samples of n1 = 20 and n2 = 20, the number of degrees of freedom is equal to

38.

Raissa's Pizza parlor has an average monthly demand of 1200 pizzas. Statistically, each employee can produce 10 pizzas per hour. The parlor is open 20 days each month. How many employees must they need to meet the demand using a level aggregate plan?

6

What is the rate of inflation from one year to the next if the consumer price index was 110 in one year and 118 in the next year?

7.3%

What percentage of total non-farm jobs in the U.S. economy comes from service-producing industries?

80%

Scrunchy-Tech, Inc., has determined that it can minimize its weighted-average cost of capital (WACC) by using a debt-equity ratio of 2/3. If the firm's cost of debt is 9% before taxes, the cost of equity is estimated to be 12% before taxes, and the tax rate is 40%, what is the firm's WACC?

9.36%

What does "2/10" mean, with respect to "credit terms of 2/10, n/30"?

A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date.

Which of the following results could be expected from an open market operation of the Federal Reserve?

A sale of securities would raise interest rates.

Which of the following is considered a corporate equity security?

A share of callable preferred stock.

is a strategy of using a successful brand name to launch a new or modified product in a new category.

Brand extension

__________factors are the most popular bases for segmenting customer groups.

Demographic

The entry to record depreciation includes a debit to the ________ account.

Depreciation Expense

Who wrote The Wealth of Nations in 1776, describing division of labor?

Adam Smith

Which of the following correctly describes the accounting for advertising costs?

Advertising costs are period costs and are expensed as incurred.

Regarding the Cost of Goods Sold account, which of the following statements is incorrect ?

Cost of Goods sold is a contra revenue account.

Who created "scientific management?"

Frederick W. Taylor

The amounts paid to laborers are

Nominal wages.

Under which of the following conditions is the supplier most able to influence or control buyers?

When the supplier does not face the threat of substitute products.

With JIT there are two types of Kanban cards, production Kanban and __________ Kanban.

Withdrawal

Which of the following statements is true about the difference between men and women when it comes to emotional reactions?

Women tend to "hold onto" emotions longer than men.

What is the foundation technology for web services?

XML

All of the following are consequences of a relationship of trust between supervisors and employees, except that ________.

trust discourages taking risks

The conflict-handling intention of accommodating is ________.

unassertive and cooperative

A liability created when a business receives cash from customers in advance of providing services or delivering goods is called a(n) ________.

unearned revenue

Which company is widely considered to be the leader of just-in-time production?

Toyota

Traditionally, companies have defined their businesses in product terms or in technological terms. However, mission statements should be all of the following EXCEPT :

a statement of religion.

Which of the following statements about 3-D printing is not true?

Unlike traditional techniques, 3-D printing results in some wasted material.

In regards to corporate income tax, which of the following statements is incorrect?

When the corporation makes payment for federal income taxes, the account Income Tax Payable is credited.

Jared uses his computer to secretly install software on thousands of personal computers without their owners' knowledge. The program can reproduce itself and spread from one computer to another via any USB port. This program is:

a worm.

A firm that invests in an information system because it is a necessity of doing business does so because it is seeking to achieve which of the following business objectives?

Survival

The Golden Company issues $539,000 of 7%, 10-year bonds at 104 on March 31, 2019. The bonds pay interest on March 31 and September 30. Assume that the company uses the straight-line method for amortization. The journal entry to record the issuance includes a ________.

debit to Cash for $560,560

Technological advances, shifts in consumer tastes, and increased competition, all of which reduce demand for a product are typical of which stage in the PLC?

decline stage

You are answering phones for a local utilities provider and are speaking with an extremely angry customer. Because your company manual advises employees to transfer hostile calls to a superior, you do this. What quality dimension of decisions does your action reflect?

due process

Center City enacts an ordinance that imposes a jail term, without a trial, on all contractors who solicit business without a city permit. A court would likely review this ordinance under the principles of:

due process.

The University of Michigan studies define a(n) ________ leader as one who takes a personal interest in the needs of his/her subordinates.

employee-oriented

To create a more ethical culture, management should do all of the following except ________.

encourage unbridled competition

In Call-Me Cell Company's suit against Rude Ringtones, Inc., the jury returns a verdict in Call- Me's favor. Call-Me will most likely ask the court to:

enter a judgment in accordance with the verdict.

The Six Sigma approach is organized around a _______ plan known as ________.

five step DMAIC

The major advantage of survey research is its:

flexibility.

Statistical process control tools are used most frequently because

they are helpful in measuring and evaluating the quality of products

When using the allowance method, the write-off of a receivable ________.

reduces the amount of the Allowance for Bad Debts account

Highly conscientious individuals may tend to do all but which of the following?

work to create new and more effective methods

When Coca-Cola and Nestle formed a joint venture to market a ready-to-drink coffee and tea worldwide, the type of marketing system that was formed would best be described as being a(n):

horizontal marketing system

What movement started with the publication of the results of the Hawthorne studies?

human relations

Flo is 17 years old. Under the Fair Labor Standards Act (FLSA) of 1938, she cannot work:

in a hazardous occupation.

Suppose that on Wednesday the cost of inputs summed to $4000, and the value of outputs summed to $10,000. For which of the following values on Thursday will productivity stay the same?

inputs = $2000, outputs = $5000

If a call option is "out-of-the-money,"

it is not worth exercising because the value of the underlying asset is less than the exercise price.

In what area does General Motors earn its highest return on capital?

post-sales parts and service

Which of the following is not a characteristic of organizational culture?

process orientation

All of the following are methods by which a company can divide up its sales responsibilities EXCEPT:

psychographic trait sales force structure.

The Gramm-Leach-Bliley Act:

requires financial institutions to ensure the security of customer data

If your company were to make a product such as a suit of clothes and sold that product to a retailer, your company would have sold to the market.

reseller

The expected value of a depreciable asset at the end of its useful life is called ________.

residual value

Which of the following is not a core topic of organizational behavior?

resource allocation

What percent of the Fortune 500 companies uses Twitter to communicate with their customers?

80 percent

If inputs increase by 30% and outputs increase by 15%, what is the percentage change in productivity?

11.54% decrease

A corporation used $34,000 of direct materials. It incurred $74,000 in direct labor costs and $112,500 in manufacturing overhead costs during the period. What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $27,500 and $20,500, respectively?

$227,500

A company purchased $10,000 of merchandise inventory on May 1. The terms of the purchase were 2/10, net 30. The company would pay what amount on May 9?

$9,800

The Federal Reserve System's reserve ratio is the

Specified percentage of a commercial bank's deposit liabilities that must be deposited in the central bank or kept on hand.

An x -bar chart is an example of what?

Statistical process control

The kinked demand curve is associated with the analysis of

Oligopoly.

Which type of market structure is most apt to demonstrate "price leadership" by a major firm followed by other firms in the industry?

Oligopoly.

Which type of system would you use to change a production schedule if a key supplier was late in delivering goods?

Supply chain management (SCM) system

The measurement of the benefit lost by using resources for a given purpose is

Opportunity cost

________ influences employees' behavior so strongly that organizations have started employing specific employees to preserve the status quo of the company.

Organizational culture

Which of the following statements is true regarding perception?

Our perception of reality can be different from the objective reality.

According to the price/quality strategy matrix, when a company overprices its product in relation to its quality it is considered to be using which type of strategy?

Overcharging strategy.

What is a distribution called when the same numbers of observations are below the mean as are above the mean?

Symmetric

Which of the following is not a stereotype?

People of Asian descent have dark hair.

The advantages of audience selectivity, no ad competition and personalization apply to which type of media?

Direct Mail

The biggest or greatest amount of involvement in a foreign market comes through which of the following?

Direct investment

The Federal Reserve Board most directly influences a corporation's decision whether or not to issue debt or equity financing when it revises the

Discount rate at which the Federal Reserve Bank lends money to member banks.

JIT considers waste anything that

Does not add value

Fact pattern: Karen Parker wants to establish an environmental testing company that would specialize in evaluating the quality of water found in rivers and streams. However, Parker has discovered that she needs either certification or approval from five separate local and state governmental agencies before she can commence business. Also, the necessary equipment to begin costs several million dollars. Nevertheless, Parker believes that, if she is able to obtain capital resources, she can gain market share from the two major competitors. The large capital outlay necessary for the equipment is an example of a(n)

Entry barrier.

Prior to the introduction of the euro, O&B Company, a U.S. corporation, is in possession of accounts receivable denominated in Deutsche marks. To what type of risk are they exposed?

Exchange-rate risk.

An analysis of a company's planned equity financing using the Capital Asset Pricing Model (or Security Market Line) incorporates only the

Expected market earnings, the risk-free rate, and the beta coefficient.

If Dexter Industries has a beta value of 1.0, then its

Expected return should approximate the overall market.

It is mandatory for both the employer and employee to pay ________.

FICA

Price discrimination is accomplished most effectively in markets with which of the following characteristics?

Fairly distinct segments of customers.

Mr. Smith is hired as a consultant to a firm evaluating entry into a perfectly competitive industry. Mr. Smith determined that at the projected level of output the price would be $100, the average variable cost would be $50, average total cost would be $80, and marginal cost would be $70. Mr. Smith's report will include the following remarks:

Firms should enter the market.

What was the first US company to receive the Deming Prize?

Florida Power & Light

s the step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call.

Pre approach

If a CPA's client expected a high inflation rate in the future, the CPA would suggest to the client which of the following types of investments?

Precious metals.

Which one of the following statements is correct regarding the effect preferred stock has on a company?

Preferred shareholders' claims take precedence over the claims of common shareholders in the event of liquidation.

Preferred and common stock differ in that

Preferred stock has a higher priority than common stock with regard to earnings and assets in the event of bankruptcy.

The following excerpt was taken from a company's financial statements: " . . . 10% convertible participating . . . $10,000,000." What is most likely being referred to?

Preferred stock.

All of the following actions are valid tools that the Federal Reserve Bank uses to control the supply of money except

Printing money when the level of M1 appears low.

Which of the following replaced the U.S. Department of Commerce safe harbor framework that enabled U.S. businesses to legally use personal data from EU countries?

Privacy Shield

Which of the following concepts can best be used to understand oligopoly behavior?

Game theory model.

In a periodic review inventory system, how many units are ordered?

Target inventory level - on hand balance

The argument in favor of minimum wage laws is that they

Improve the economic status of some workers.

As a company becomes more conservative with respect to working capital financing policy, it would tend to have a(n)

Increase in the ratio of current assets to noncurrent assets

Which of the following changes would most effectively halt a period of inflation?

Increasing interest rates by a large amount.

Which of the following actions is the acknowledged preventive measure for a period of deflation?

Increasing the money supply.

Motivation can be defined by three key elements. ________ is one of these three key elements and it is the element most of us focus on when we talk about motivation.

Intensity

In which of the following situations would there be inelastic demand?

A 5% price increase results in a 3% decrease in the quantity demanded.

. If Brewer Corporation's bonds are currently yielding 8% in the marketplace, why is the firm's cost of debt lower?

Interest is deductible for tax purposes.

Employees of the organization who receive goods or services from others in the company are

Internal customers

Which of the following information forms available to the marketing manager can usually be accessed more quickly and cheaply than other information sources?

Internal databases

Which of the following is not a typical result of the bullwhip effect?

Absenteeism

The long-run average total cost (ATC) curve

Is ordinarily U-shaped.

In addition to increasing the demand for lendable funds, government borrowing to finance large deficits has which of the following effects?

It puts upward pressure on interest rates.

Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first-year students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $600 per semester. Identify the sample in the study.

The 250 students that were monitored.

_________is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.

Product line pricing

If the price elasticity of demand for a normal good is estimated to be 1.5, a 10% reduction in its price would cause

Quantity demanded to rise by 15%.

X and Y are substitute products. If the price of product Y increases, the immediate impact on product X is that its

Quantity demanded will increase.

Entry into monopolistic competition is

Relatively easy, with only a few obstacles.

If a product has a price elasticity of demand of 2.0, the demand is said to be

Relatively elastic.

Currently, the protocols used for secure information transfer over the Internet are:

SSL, TLS, and S-HTTP.

________ refers to the ability of a system to expand to serve a number of users without breaking down.

Scalability

Where was the just-in-time philosophy developed?

Japan

Which famous economist once suggested that, "The production problem has been solved."?

John Kenneth Galbraith

JIT uses a pull system where communication starts with either the customer or with the _________ work station in the production line.

Last

When a company reviews sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives, they are in which of the following new process development stages?

Business analysis.

The change in total product resulting from the use of one unit more of the variable factor is known as

Marginal product.

Which of the following is the most liquid asset?

Cash

The measurement of inflation that is a calculation based on a monthly pricing of items on a typical household shopping list is the

Consumer price index.

What service converts IP addresses into more recognizable alphanumeric names?

DNS

Which of the following systems supports making decisions that are unique, rapidly changing, and not easily specified in advance?

Decision support system (DSS)

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics is called:

Demography.

Under the income approach, gross domestic product (GDP) is measured as

Depreciation charges and indirect business taxes + Wages + Rents + Interest + Profits - Net American income earned abroad.

Which of the following systems is designed to summarize and report on the company's basic operations?

Management information system (MIS)

Which of the following promotional budget methods wrongly views sales as the cause of promotion rather than as the result?

Percentage-of-Sales method

_________beliefs and values are open to some degree of change.

Secondary

A market analyst has estimated the equity beta of Modern Homes, Inc., to be 1.4. This beta implies that the company's

Systematic risk is higher than that of the market portfolio.

If a firm were to bid to do a "turnkey" operation where they would choose a building site, designing a cement factory to build the plant, hire construction crews, assemble materials and equipment to run the new factory, and turn over the finished factory ready to operate to the owners, the firm would be using which of the following?

Systems selling

Marginal revenue is

The change in total revenue associated with producing and selling one more unit.

Which of the following is an example of a legacy system?

Transaction processing system running on a mainframe

Short-term interest rates are

Usually lower than long-term rates.

In what company were the Hawthorne Studies conducted?

Western Electric

A KPI is:

a measure proposed by senior management.

An inference engine is:

a strategy used to search through the rule base in an expert system.

The goal of the marketing logistics system should be to provide:

a targeted level of customer service at the least cost.

A utility firm has enjoyed an oligopolistic market due to regulations. Starting next year, these regulations will be repealed. One should expect I. New firms in the market II. Consolidation III. Divestiture

I and II only.

Which of the following is sensitive to extreme values?

The arithmetic mean.

The activities that are included in the operating activities section of the statement of cash flows are ________.

activities that create revenue or expenses

Which one of the following scenarios related to Music For You, Inc., who manufactures headphones, is not considered an illegal pricing practice?

The company allows customers who spend over a hundred dollars to purchase another set of headphones for half the price. The price for other customers who don't spend over a hundred dollars remains the same.

Dyan, the owner of Expert Restoration Services, Inc., adheres to the "principle of rights" theory. Under this theory, a key factor in determining whether a business decision is ethical is how that decision:

affects the rights of others.

Notes receivable ________.

are supported by a promissory note

Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?

debit Income Summary and credit Insurance Expense

Maia hires Nero, a real estate broker, to sell her warehouse. The warehouse burns down before being sold. Nero is:

no longer Maia's agent.

________ is the ability to identify a logical sequence in a problem and then solve the problem.

inductive reasoning

Which of the following operations management concepts did not evolve from scientific management?

interchangeable parts

The retained earnings of a corporation is ________.

internally generated equity that is earned by profitable operations that is not distributed to stockholders

The degree to which a person identifies with his or her job, actively participates in it, and considers his or her performance as being important to self-worth is ________.

job involvement

David is of the opinion that people who drive SUVs are dangerous drivers. He often thinks that people driving SUVs are driving rashly, even when other observers can see nothing wrong with the behavior of the SUV drivers. What factor is affecting his perception in this case?

his expectations

The two most common forms of representative participation are ________ and board representatives.

work councils

What is the Hawthorne effect?

workers responding to the attention they are given

What is a control chart that monitors changes in the mean value of a process?

x bar chart

A Type I error is committed when

you reject a null hypothesis that is true.

What are companies that have low customer contact and are capital intensive; yet provide a service, called?

quasi-manufacturing organizations

When an importing country sets limits on the amount of goods it will accept in certain product categories it is called a(n):

quota.

Research has shown that there is a link between our emotions and our ability to be ________.

rational

Which of the following is not an input?

services

In testing a hypothesis using the X2 test, the theoretical frequencies are based on the

null hypothesis.

Which of the following is the most appropriate cost driver for allocating the cost of warranty services?

number of service calls

What refers to a positive feeling about a job, resulting from an evaluation of its characteristics?

ob satisfaction

What term describes the process of obtaining goods or services from an outside provider?

outsourcing

What is a control chart that monitors the proportion of defects in a sample?

p chart

Eton files a suit in a federal district court against Florida, alleging employment discrimination under the Age Discrimination in Employment Act (ADEA) of 1967. The state asks the court to dismiss the suit. The court is most likely to rule that:

the state is immune from the suit pursuant to the Eleventh (11th) Amendment.

The U.S. Constitution sets forth specific powers that can be exercised by the national government and provides that the national government has the implied power to undertake actions necessary to carry its expressly designated powers. Under the Tenth (10th) Amendment, all other powers are expressly reserved to:

the states.

Which of the following is least likely to be a consideration in facility location?

the design of the production process

Which of the following statements about cycle time is not true?

The fewer steps in a production process, the more likely that an error will occur.

An increase in the federal debt may create inflationary pressures for which of the following reasons?

The economy's money supply may increase.

The elasticity of resource demand tends to be high when

The elasticity of product demand is high.

Regarding net pay, which of the following statements is incorrect?

The net pay amount is not important for accounting purposes.

Which of the following would be an appropriate null hypothesis?

The population proportion is not less than 0.65.

According to the capital asset pricing model (CAPM), which of the following statements is true regarding the required rate of return for a security with a beta of 1?

The required rate of return is equal to the market return.

For the current month using JIT

The same amount of each product is produced in the same order each day

Because of economies of scale, as output from production expands,

The short-run average cost of production decreases.

Which of the following statements is not true about the level of significance in a hypothesis test?

The significance level is another name for Type II error.

The definition of economic cost is

The sum of all explicit and implicit costs of the business firm.

Which of the following statements is not true regarding values?

There is no substantial variability in values across cultures.

Which of the following statements is true about people with positive core self-evaluations?

They set ambitious goals.

Regulations that arise to ensure that firms take responsibility for the social costs of their products or production processes stem from which reason for government legislation of business?

To protect the interests of society.

For a given level of tax collections, prices, and interest rates, a decrease in governmental purchases will result in a(n)

Decrease in aggregate demand.

________ are designed to have a generalized capability to learn.

Neural networks

The consensus of economic forecasts indicates that consumer prices are likely to increase because of increases in aggregate demand. Which of the following outcomes is most likely to occur as prices increase?

Quantity of output increases if there is capacity to produce.

Spencer Hydraulics Corporation's ethics committee is asked a business ethics question should the firm bid low to obtain a contract that it knows it can fulfill only at a higher price? A practical method to investigate and solve this question involves all of the following steps except:

absolution.

When inventory costs are declining, which of the following inventory costing method will result in the lowest ending merchandise inventory?

first-in, first-out

Which of the following inventory costing methods yields the highest net income during a period of rising inventory costs?

first-in, first-out

Which of the following inventory costing methods yields the lowest cost of goods sold during a period of rising inventory costs?

first-in, first-out

City Slick, Inc., makes cosmetics. City Slick intentionally mislabels its packaged products to conceal a defect. Trusting and relying on the mislabeling, Dora buys a City Slick product and suffers an injury. City Slick is most likely liable for:

fraud.

Patents, copyrights, and trademarks are examples of ________.

intangible assets

What outsourcing functions does UPS provide for clients?

inventories and deliveries

Internet technology:

makes it easy for rivals to compete on price alone.

Operations management is responsible for orchestrating all the resources needed to produce the final product. This includes all of the following except ______________________________________.

managing cash flow

The finance function is responsible for:

managing cash flow, current assets, and capital investments.

Which of the following is not a fixed cost?

materials

Fire Cat, Inc. selected cost data for the year are shown below: Cost of Goods Manufactured $145,500 Work-in-Process Inventory, Jan. 1 19,500 Work-in-Process Inventory, Dec. 31 22,000 Direct Materials Used 18,600 What is the total of manufacturing costs incurred by Fire Cat, Inc. during the year?

$148,000

Which of the following definitions best describes a business cycle?

Activity that alternates periods of growth and decline in an economy's GDP.

A company reports net accounts receivable of $152,000 on its December 31, 2019 balance sheet. The Allowance for Bad Debts has a credit balance of $19,000. What is the balance of Accounts Receivable?

$171,000

According to the financial calculations of the make-or-buy decision, if we need fewer units than the indifference point, then which option should we definitely choose?

The option with the higher variable costs

If bonds with a face value of $209,000 are issued at 93, the amount of cash proceeds is ________.

$194,370

For the standard normal distribution, how much confidence is provided within 2 standard deviations above and below the mean?

95.44%

On a control chart, what separates common from assignable causes of variation?

Control limits

Scatter diagrams are particularly useful in detecting the amount of __________, or the degree of linear relationship, between two variables.

Correlation

People scoring high on ________ are valuable in teams because they're good at backing up fellow team members and at sensing when that support is truly needed.

conscientiousness

Amounts owed for products or services purchased on account are called ________ .

accounts payable

Reverse engineering is:

acquiring a competitor's product and studying its design features.

Ben is prone to experiencing emotions in a much stronger manner than most other people. Events that don't provoke any significant emotional response in the average person often send him into fits of happiness, anger, or depression. Ben has a high level of ________.

affect intensity

Percentage of orders shipped on schedule is a good measure of finished goods customer service if:

all orders and customers have similar value.

Leon Festinger argued that ________ follow(s) ________.

attitudes; behavior

There is a strong link between employee ________ and ________.

attitudes; personality

Venus Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the beginning of the year, it estimated the manufacturing overhead rate to be 30% of the direct labor cost. In the month of June, Venus completed Job 13C and its details are as follows: Direct materials cost $6820 Direct labor cost $26,000 Direct labor hours 31 hours Units of product produced 200 What is the total cost incurred for Job 13C?

$40,620

The net income of Hollywood Talent Services is $26,000. the beginning and ending stockholders equity balances were $35,000 and $56,000 respectively. the company issued no common stock calculate the amount of dividends

$5,000

individuals high in self-monitoring ________.

show considerable adaptability in adjusting their behavior to external situational factors

Felicia invents a new valve to cap undersea oil spills, which she names "Great Catch." She also writes the installation manual to be included with each valve. Felicia could obtain copyright protection for:

the installation manual.

The American Marketing Association suggests a list of code of ethics. All of the following are ethics suggested in the area of distribution EXCEPT :

using gray marketers whenever possible to save the consumer money.

Because of the existence of economies of scale, business firms may find that

Increasing the size of a factory will result in lower average costs.

is products bought by individuals and organizations for further processing or for use in conducting a business.

Industrial products

Where is the Deming prize awarded?

Japan

If Mark Mars pays Hershey Foods Corporation for the right to use their name on his line of T-shirts, then Mr. Mars is using which type of branding?

Licensed brand

A human resources system that summarizes the total moving, house-hunting, and home financing costs for employees in all company divisions is an example of which of the following?

Management information system (MIS)

In markets that are imperfectly competitive, such as monopoly and monopolistic competition, firms produce at an output at which

Marginal cost equals marginal revenue.

The competitive model of supply and demand predicts that a surplus can arise if there is a

Minimum price above the equilibrium price.

Which of the following statements is (are) correct regarding corporate debt and equity securities? I. Both debt and equity security holders have an ownership interest in the corporation. II. Both debt and equity securities have an obligation to pay income.

Neither I nor II.

On average, managers spend the least amount of time doing which managerial activity?

Networking

. has the advantage of being high in selectivity; low cost; immediacy; and interactive capabilities.

Online

________are ads that appear while subscribers are surfing online services or Web sites, including banners, pop-up windows, "tickers," and "roadblocks."

Online ads

Which of the following instruments of monetary policy is the most important means by which the money supply is controlled?

Open market operations.

Which of the following involves slicing digital messages into parcels, transmitting them along different communication paths, and reassembling them at their destinations?

Packet switching

Which of the following is not a characteristic of packet switching?

Packet switching requires point-to-point circuits.

Economies and diseconomies of scale are important determinants of the

Pattern of costs in the long run.

Which of the following options describes the phases of business cycle, in order of occurrence?

Peak, recession, trough, recovery

Compared with firms in a perfectly competitive market, a monopolist tends to

Produce substantially less but charge a higher price.

Which of the following strategies would the Federal Reserve most likely pursue under an expansionary policy?

Purchase federal securities and lower the discount rate.

The Federal Reserve wishes to conduct expansionary monetary policy. Which of the following policy approaches will be most successful?

Purchase government securities and lower the discount rate.

If the price elasticity of demand for a normal good is estimated to be 2.5, a 5% reduction in its price causes

Quantity demanded to rise by 12.5%.

What is a control chart that monitors changes in the dispersion or variability of a process?

R chart

What measures the difference between the largest and smallest observations in a set of data?

Range

The prime rate is the

Rate charged on business loans to borrowers with high credit ratings.

The Waymand family typically ate hamburger as a staple in their diet. In the last few years, the family's income has doubled, and they have now replaced hamburger with steak as a staple in their diet. This is an example in which the demand for hamburge

Responds as an inferior good.

The Income Summary account has a credit balance of $27,000 after the revenue and expense accounts have been closed. Which of the following is credited to close the Income Summary account?

Retained Earnings

Falser Co. increases all of its input factors by 100%, resulting in increased output of 90%. Which of the following statements identifies the effect of this change?

Returns to scale decrease.

Which of the following statements is true of revenues?

Revenues increase equity, so a revenue account's normal balance is a credit balance.

Through the use of decision models, managers thoroughly analyze many alternatives and decide on the best alternative for the company. Often the actual results achieved from a particular decision are not what was expected when the decision was made. In addition, an alternative that was not selected would have actually been the best decision for the company. The appropriate technique to analyze the alternatives by using expected inputs and altering them before a decision is made is

Sensitivity analysis.

If your company were to make light bulbs to be used in photocopiers, you would most likely be selling to a ________market.

. business

If we know that the length of time it takes a college student to find a parking spot in the library parking lot follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute, find the probability that a randomly selected college student will take between 2 and 4.5 minutes to find a parking spot in the library parking lot.

0.7745

If the return on the market portfolio is 10% and the risk-free rate is 5%, what is the effect on a company's required rate of return on its stock of an increase in the beta coefficient from 1.2 to 1.5?

1.5% increase.

What is the weighted-average cost of capital for a firm using 65% common equity with a return of 15%, 25% debt with a return of 6%, 10% preferred stock with a return of 10%, and a tax rate of 35%?

11.725%

Elephant, Inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. Calculate the inventory turnover ratio of the company. (Round your answer to two decimal places.)

15.50 times

. Using the capital asset pricing model (CAPM), the required rate of return for a firm with a beta of 1.25 when the market return is 14% and the risk-free rate is 6% is

16.0%

If inputs increase by 6% and outputs increase by 24%, what is the percentage productivity increase?

16.98%

Konstans Corp. is considering purchasing an investment security with the following information: Likelihood Return on Investment 50% 2% 40% 4% 10% 14% The expected return on this investment is

4%

During the current year, Rand Co. purchased $960,000 of inventory. The cost of goods sold for the year was $900,000, and the ending inventory at December 31 was $180,000. What was the inventory turnover for the year?

6.0

If the Federal Reserve Banks sell $20 million in government securities to commercial banks and the required reserve ratio is 25%, the effect will be

To reduce the potential money supply by $80 million.

Which of the following forms of protection of intellectual property requires that the property be the subject of a nondisclosure agreement?

Trade secret

On average, managers spend most of their time doing which managerial activity?

Traditional management

________ leaders inspire followers to transcend their self-interests for the good of the organization and can have an extraordinary effect on their followers.

Transformational

A Chinese conglomerate owns a construction subsidiary that is building a port in Mozambique. The firm pays its workers in the Mozambican metical but keeps its books for the project in the South African rand. At the end of the fiscal year, the conglomerate must report consolidated financial statements denominated in the yuan. The exchange rate risk encountered by the conglomerate in the currency conversions leading up to its consolidated financial statements is known as

Translation exposure.

The risk of a single stock is

Unsystematic risk.

The trough of a business cycle is generally characterized by

Unused productive capacity and an unwillingness to risk new investments.

City Development, Inc., is considering a new investment project that will involve building a large office block in Frankfurt-am-Main. The firm's financial analysis department has estimated that the proposed investment has the following estimated rate of return distributions: Rate of Return Probability (5%) 30% 10% 50% 20% 20% Calculate the expected rate of return.

7.5%

Hughes Company manufactures harmonicas which it sells for $31 each. Variable costs for each unit are $18 and total fixed costs are $3925. How many units must be sold to earn income of $5500?

725

Bank is willing to lend a business $1 million at an annual real interest rate of 6%. What is the nominal rate Bank will charge the firm if the rate of inflation is anticipated to be 2%?

8%

An improvement in technology that in turn leads to improved worker productivity would most likely result in

A shift to the right in the supply curve and a lowering of the price of the output.

________ is an individual's current capacity to perform the various tasks in a job.

Ability

Each of the following business functions is considered part of a company's value chain except

Accounting.

Which of the following may provide a leading indicator of a future increase in gross domestic product?

An increase in the average hours worked per week of production workers.

Which of the following formulas represent cost of goods sold for a merchandising business?

Beginning Merchandise Inventory + Purchases and Freight In - Ending Merchandise Inventory = Cost of Goods Sold

The probability that house sales will increase in the next 6 months is estimated to be 0.25. The probability that the interest rates on housing loans will go up in the same period is estimated to be The probability that house sales or interest rates will go up during the next 6 months is estimated to be 0.89. The events increase in house sales and no increase in house sales in the next 6 months are

Both (b) and (c)

_____________ includes practices such as overstating the product's features or performance, luring the customer to the store for a bargain that is out of stock, or running rigged contests.

Deceptive promotion

A city ordinance that freezes rent prices may cause

Demand for rental space to exceed supply.

The phrases "too many dollars chasing too few goods" and "supply shock" are associated with, respectively,

Demand-pull inflation and cost-push inflation.

Which of the following would not be classified as a knowledge work system?

Digital asset management system

Which of the following terms refers to significant disparities in access to computers and the Internet among different social groups and different locations?

Digital divide

________ is a systematic effort to make an organization leaner by selling off business units, closing locations, or reducing staff.

Downsizing

You manage the Information Systems department at a small startup Internet advertiser. You need to set up an inexpensive system that allows customers to see real- time statistics, such as views and click-throughs, about their current display ads. Which type of system will most efficiently provide a solution?

Extranet

Macroeconomic stability theory includes the concepts of full employment and price stability. Which of the following are usually considered unavoidable factors preventing the achievement of 100% employment?

Frictional and structural unemployment.

Which of the following best describes Immanuel Kant's categorical imperative?

If an action is not right for everyone to take, it is not right for anyone to take.

In any competitive market, an increase in both demand and supply can be expected to always

Increase market-clearing quantity.

A federal law prohibiting the use of a certain pesticide directly conflicts with a state law permitting that use. The state law will be rendered invalid due to which clause of the U.S. Constitution?

The Supremacy Clause

Which of the following statements is true if a bond's stated interest rate is the same as the market rate?

The bond will be issued at par.

Jackson Co. is considering a project that will use 2,000 square feet of storage space at one of its facilities to store used equipment. What will determine Jackson's opportunity cost?

The value of the next best use of the space.

Which one of the following companies is most likely to use job order costing?

a law firm

Riley obtains permission from Saga Company to use the firm's game app on Riley's smartphone, tablet, and other mobile device, but Riley does not obtain ownership rights in the app. This is:

a license.

The portion of the universe that has been selected for analysis is called

a sample.

jones supply services paid $350 cash, the amount owed from the previous month, to a materials supplier. Which of the following accounts decrease?

accounts payable

The Bay City Planning Department, the Coastal County Zoning Commission, the California Environmental Quality Agency, and the U.S. Bureau of Land Management issue regulations. These rules constitute:

administrative law.

Which of the following is an example of a period cost for a manufacturing company?

advertising expense

Which of the following is not primarily performed by the operation management function?

advertising strategy

The grapevine within an organization provides which benefit(s)?

all A, B, and C

If a bond sells at a premium, the

Stated coupon rate must be more than the required market rate.

In decision theory, those uncontrollable future events that can affect the outcome of a decision are

States of nature.

Which of the following types of unemployment typically results from technological advances?

Structural

The price elasticity of demand for a good is 2.0, and the quantity demanded is 5,000 units. The price increases by 10%. What is the new quantity demanded?

4,000

Which of the following is not included in the gross domestic product (GDP)?

Purchase of common stock.

Assuming a required reserve ratio of 10%, the value of the monetary multiplier will be

10

According to David Galenson, individuals do their most creative work during their ________.

40s, 50s, and 60s

Which of the following is not an example of the potential dark side of big data?

Analyzing data from sensors installed in local parks to monitor soil moisture

Quest, Inc., a U.S. firm, and Real Treks, Ltd., a Canadian firm, enter into a contract that does not have a forum-selection or choice-of-law clause. Litigation between Quest and Real Treks involving this contract may occur in:

Canada, the United States, or both.

Net working capital is the difference between

Current assets and current liabilities.

Which of the following statements is true regarding the degree to which people experience emotions across cultures?

People in China report experiencing fewer positive and negative emotions as compared to people in other cultures.

An entrepreneur is considering the purchase of a coin-operated laundry. The current owner claims that over the past 5 years, the mean daily revenue was $675 with a population standard deviation of $75. A sample of 30 days reveals a daily mean revenue of $625. If you were to test the null hypothesis that the daily mean revenue was $675, which test would you use?

Z -test of a population mean

Which of the following is the term used for the strength with which individuals experience emotion?

_affect intensity

BurgerBoy Restaurant Corporation allows its trademark to be used as part of a domain name for BurgerBoyNY, Inc., an unaffiliated company. BurgerBoyNY does not obtain ownership rights in the mark. This is:

a license.

When using SPC if you plot the variable of interest against a timeline you are using

control charts

When personal interviewing involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization, the method is called:

focus group interviewing.

The allowance method of accounting for uncollectible receivables ________.

is used to measure bad debts

Jessie, an employee of Kim's Restaurant, believes that her employer has violated her rights in the workplace. Larson argues that a Metro City government agency has imposed an ordinance that violates his rights under the U.S. Constitution. The branch of law dealing with the definition and enforcement of all private or public rights is:

civil law.

Sandy, a businessperson, is convicted of Racketeer Influenced and Corrupt Organizations Act (RICO) of 1970 offenses. Sandy's penalties may include:

closing her business, forfeiting its assets, or selling it.

The belief that "violence is wrong" is an evaluative statement. Such an opinion constitutes the ________ component of an attitude.

cognitive

A child in the United States is normally exposed to all of the following values EXCEPT :

collectivism

Which of the following best describes horizontal analysis?

comparing financial statement line items from year to year for the same company

More and more salespeople are being evaluated and compensated based on different measures than in the past. All of the following are illustrations of those measures EXCEPT :

competitive predatory pricing performance.

Business Travelers Hotel Corporation hires Conrad, a real estate agent, to locate hotel properties for the company. Conrad learns of a hotel available for $3.2 million, informs Business Travelers, and makes an offer of $2.9 million on Business Travelers's instruction. The offer is rejected. Conrad:

complied with all of the agent's duties to the principal.

Which of the following conflict-handling intentions involves accepting a solution that provides incomplete satisfaction of both parties' concerns?

compromising

Research has indicated that in gender-diverse groups, strong politically correct norms increase group ________.

creativity

To make sure it stocks clothes that its customers will purchase, a department store implements a new application that analyzes spending levels at its stores and cross- references this data to popular clothing styles. Which of the following business objectives is this information intended to support?

customer intimacy

A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user is called a(n):

distribution channel.

The use of digital technology and the Internet to execute the major business processes in the enterprise is called:

e-business

Highly-skilled hourly workers would be most needed by companies employing which of the following competitive priorities?

flexibility

The major advantage of the virtual organization is its ________.

flexibility

________ typically develop a single information system, usually at the home base, and then replicate it around the world.

franchisers

Whereas ________ focuses on differences among people from different countries, ________ addresses differences among people within given countries.

globalization; workforce diversity

Which of the following concepts represent the time value of money?

he concept that money earns interest over time

The Allowance for Bad Debts account ________.

holds the pool of "unknown" uncollectible accounts

Myron is an employee of Nero. Either party can terminate the employment relationship at any time for any reason without liability. With respect to the employment-at-will doctrine, this is:

an example of the doctrine.

An organizational culture most likely to shape high ethical standards among its members is one that ________.

balances the rights of multiple stakeholders

One common misuse of marketing research findings in contemporary business is the tendency for marketing research to:

become a vehicle for pitching the sponsor's products.

The predetermined overhead rate is calculated ________.

before the accounting period begins

. If Honda uses its company name to cover such different products as its automobiles, lawn mowers, and motorcycles, it is practicing which of the following strategies?

brand extension strategy

Innovative Manufacturing Company, a U.S. firm, signs a contract with Librador Corporacion, a Columbian firm, to give Librador the right to use Innovative's production processes. This is:

licensing.

. Which of the following is not typically considered to be a core competency?

mission

The ________ strategy concentrates financial management and control out of a central home base while decentralizing production, sales, and marketing operations to units in other countries.

multinational

If event A and event B cannot occur at the same time, then events A and B are said to be

mutually exclusive.

if a government uses barriers to foreign products such as biases against a foreign company's bids, or product standards that go against a foreign company's product features, the government is using:

nontariff trade barriers.

When a cookie is created during a website visit, it is stored:

on the hard drive of the visitor's computer

Teams that are composed of people who score high on ________ are more creative and innovative.

openness to experience

Organizations following a(n) ________ strategy try to both minimize risk and maximize opportunity for profit, moving into new products or new markets only after innovators have proven their viability.

imitation

An increase in the market supply of beef would result in a(n)

increase in the quantity of beef demanded.

In network economics, the value of a commercial software vendor's software products:

increases as more people use them.

Information Technology does not assist the firm in:

information creation

The Ohio State Studies narrowed the independent dimensions of leader behavior to two dimensions that substantially accounted for most of the leadership behavior described by employees: consideration and ________.

initiating structure

That the company that overlooks new and better ways to do things will eventually lose customers to another company that has found a better way of serving customer needs is a major tenet of:

innovative marketing.

Suppose that last month the cost of inputs summed to $100,000, and the value of outputs summed to $800,000. For which of the following values this month would productivity increase?

inputs = $100,000, outputs = $820,000

A(n) ________ organization is an organization that takes on a life of its own, apart from its founders or members and is valued for itself and not for the goods or services it produces.

institutionalized

For a manager, it is worth understanding the grapevine in the organization because ________.

it helps tap into employee anxieties

Vertical integration is a good strategic option for a manufacturing company when

it needs one input material in large volumes

The is a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts influence on others.

opinion leader

Elementals, Inc., makes computer chips identical to Flik Quik Corporation's patented chip, except for slight differences in the "look," without Flik's permission. This is most likely:

patent infringement.

According to the Myers-Briggs Type Indicator (MBTI) classification, people belonging to the "________" type are flexible and spontaneous.

perceiving

According to the expectancy theory, which of the following relationships indicates the degree to which the individual believes that a particular level of output will lead to the attainment of a desired outcome?

performance-reward

In the context of Fiedler's model, the situational dimension termed ________ relates to the degree of influence a leader has over power variables such as hiring, firing, discipline, promotions, and salary increases.

position power

Atlanta Company sold equipment for cash. The income statement shows a gain on the sale of $1020. The net book value of the asset was $3710. Which of the following statements describes the cash effect of the transaction?

positive cash flow of $4730 from investing activities

. A manufacturer has four sponsorship options. A is a brand created and owned by a reseller of a product or service.

private brand

The obligations that individuals and organizations have regarding the preservation of existing values and institutions fall within which of the following moral dimensions of the information age?

quality of life

Which of the five moral dimensions of the information age does spamming involve?

quality of life

Which of the following is not an action characteristic of an organization in flux?

replacing temporary workers with permanent ones

Maxwell plumbing services earned $500 by completing a job for Smith company. the $500 earned by Maxwell Plumbing Services is its

revenue

In a table for customers, the information about a single customer would reside in a single:

row

Identifying potential customers for the businesses' products or services is an activity associated with the ________ function.

sales and marketing

A selection of raffle tickets from a large bowl is an example of

sampling without replacement.

In a relational database, the three basic operations used to develop useful sets of data are:

select, project, and join.

Finding out why orders are not being filled on time at a distribution center is what kind of decision scenario?

semi-structured

According to the Myers-Briggs Type Indicator (MBTI) classification, people belonging to the "________" type are practical and prefer routine and order.

sensing

Which of the following terms indicates the tendency of individuals to spend less effort when working collectively?

social loafing

Data management technology consists of the:

software governing the organization of data on physical storage media

jason repair corporation incurred $1,500 as advertising expense and promised to pay the advertising agency within 30 days. which of the following will decrease as a result of this transaction

stockholders equity

The emotional or feeling component of a person's attitude is called ________.

the affective component

When discussing the capacity of a facility, we need what two types of information?

the amount of available capacity and the effectiveness of capacity use

Janice is spending the summer working as an intern writing copy for a local firm. Today Janice's senior editor sent back some of Janice's work covered in red ink corrections. Up until now, all of Janice's work had been corrected in green or blue ink. Janice is upset and worried that her senior editor doesn't like her. Which component of an attitude is not represented in the previous scenario?

the behavioral component

Tyler, a citizen of Utah, files a suit in a Utah state court against Virtual Sales Corporation, a Washington state company that does business in Utah. The court has original jurisdiction, which means that:

the case is being heard for the first time.

McHenry, a New York resident, files a suit in a New York state court against OneWorld Inc., a company based in California. OneWorld's only contact with McHenry is the company's app, which McHenry downloaded while traveling across the United States. According to the sliding-scale analysis, the factor most likely to confer jurisdiction on the New York court is:

the degree of interactivity via the app between McHenry and OneWorld.

All of the following factors can affect the attractiveness of a market segment EXCEPT :

the likelihood of government monitoring.

Craig applies for a job at Dispatch Transportation, Inc., for which he is well qualified. He passes a test to determine which applicants are eligible for hiring, but the employer discards the results, and Craig is rejected. Dispatch continues to seek applicants. To successfully defend itself against Craig's suit, Dispatch must show that:

the practice in question was justified.

The course of a product's sales and profits over its lifetime is called:

the product life cycle.

The test for the equality of two population variances is based on

the ratio of the 2 sample variances.

Which of the following is a reason capacity and location decisions are usually made simultaneously?

the size of a new facility may affect its locati

All of the following are factors in U.S. federal sentencing guidelines with respect to business executives except:

the use of technology to commit the crime

In a multi-tiered network:

the work of the entire network is balanced over several levels of servers.

Emotional sharing is very prominent in the workplace and a way for many individuals to meet their social needs. Why is this?

the workplace is the primary source of social interaction for most people.

The primary reason that many companies work to become the "low-cost producers" in their industry is because:

they can set lower prices that result in greater sales and profits.

In determining sales force size, when a company groups accounts into different size classes and then determines the number of salespeople needed to call on them the desired number of times, it is called the:

work-load approach.

In controlling network traffic to minimize slow-downs, a technology called ________ is used to examine data files and sort low-priority data from high-priority data.

deep packet inspection

Differences in characteristics such as personality, values, and beliefs form part of ________.

deep-level diversity

If a company (considering its options on the product/market expansion grid) chooses to move into different unrelated fields (from what it has ever done before) with new products as a means to stimulate growth, the company would be following which of the following general strategies?

diversification

Wang Ltd., a Chinese firm, imports its goods into the United States and offers those goods for sale at "less than fair value." This is:

dumping.

The state of Massachusetts regulates employment, traffic, land use, and other private activities to protect or promote the public order, health, safety, and general welfare under:

the state's police powers.

The costs most easily traced to each product manufactured are ________.

direct materials and direct labor

Which of the following is a variable cost?

direct materials cost

What does Beta measure in the capital asset pricing model?

The volatility of a stock relative to the market.

Which of the following can be an effect of a transaction that increased an asset of a corporation for the accounting equation to balance?

There is an equal decrease in another asset.

The A2 factor includes how many standard deviations of ranges?

3

The relationship of the total debt to the total equity of a corporation is a measure of

Creditor risk.

Which of the following systems would you use to determine which trends in your supplier's industry will affect your firm the most during the next five years?

Executive support systems (ESS)

Which of the following is most useful when risk is being prioritized?

Expected value.

Which of the following is not a type of input device?

Flat panel (LCD) display screen

Which of the following statistics is not a measure of central tendency?

Q 3

________, the most widely used intelligence test in hiring decisions, takes only 12 minutes to complete.

Wonderlic Cognitive Ability Test

Each of the following describes one of the functions of money except

A hedge against inflation.

In microeconomics, the distinguishing characteristic of the long run on the supply side is that

All inputs are variable.

What kind of decision making tool could help you develop a recommended system for your firm's website which has 50,000 visitors a month?

Big Data Analytics

Which of the following statements about data warehouses is not true?

Data warehouse systems provide easy-to-use tools for managers to easily update data.

Which of the following statements is true regarding conflict?

Diversity of goals among groups is a major source of conflict.

Which of the following is true of dividends?

Dividends are a distribution of cash, stock, or other property to stockholders.

. Rolls Royce uses which of the following distribution formats?

Exclusive distribution

During which of the following periods will prices generally increase the fastest?

Hyperinflation.

The value of money varies

Inversely with the general level of prices.

For which of the following would a control chart for attributes not be appropriate?

Length of metal rods

Which of the following is a measure of how quickly an item can be converted to cash?

Liquidity

The most logical budget setting method is found in the list below. Which is it?

Objective-and-task method

A supply curve illustrates the relationship between

Price and quantity supplied.

Local electric utilities are considered to be natural monopolies because, for these firms,

Significant economies of scale are present.

When companies make marketing decisions by considering consumers' wants and the long-run interests of the company, consumer, and the general population, they are practicing which of the following principles?

Societal marketing

Which of the following statements is correct regarding an economy at the peak of the business cycle?

The economy will be at the natural rate of unemployment.

Why are agreeable people usually less successful in their careers?

They don't negotiate well.

Concerns that the manufacturers of harmful products such as tobacco have influence on lawmakers to the detriment of the public interest is used as evidence of which criticism of marketing?

Too much political power.

The objective of quality at the source is not only to identify a quality problem, but also to

Uncover its root cause

All of the following can be considered managerial responsibilities except:

designing new information systems.

An asset was purchased for $37,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $9000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $19,000 on December 31, 2019, the last day of the accounting period.

$12,400 loss

Drop shippers perform which of the following functions?

. Assumes title and ships coal, lumber, or heavy equipment to a buyer.

Which of the following systems is designed to support organization-wide process coordination and integration?

. Enterprise applications

Serial bonds are attractive to investors because

. Investors can choose the maturity that suits their financial needs.

A country reduces its rate of monetary growth. Which of the following is the expected result for the country's economy?

. Lower GDP growth.

Six-sigma quality implies how many average defects per million?

3.4

Each of the following financial instruments is a derivative except

A fixed interest, 5-year note payable.

The expected monetary value of an event

Is equal to the payoff of the event times the probability the event will occur.

If a government were to use only fiscal policy to stimulate the economy from a recession, it would

Lower consumer taxes and increase government spending.

The velocity of money is generally measured as a ratio of the

Nominal gross domestic product to the money supply.

If both the supply and the demand for a good increase, the market price will

Not be predictable with only these facts.

Which of the following should be classified as a long-term asset?

Notes Receivable, due in 5 years

Setting call objectives is done during which of the following stages of the selling process?

Pre approach

Management's financial estimates are based on all of the following except

Prespecifications.

According to several studies, what are the three most important criteria for selecting suppliers?

Price, quality, on-time delivery

All processes will have what type of variation?

Random

What measures symmetry of a distribution?

Skewness

Which of the following statements is true regarding the sources of moods and emotions?

Sleep quality affects mood.

The expected monetary value of an act is the

Sum of the conditional profit (loss) for each event times the probability of each event's occurrence.

The concept of diseconomies of scale ________________________.

states that beyond a certain point the cost of each additional unit made increases

Sampling distributions describe the distribution of

statistics.

During the accounting period, office supplies were purchased on account for $3,200. A physical count, on the last day of the accounting period, shows $1,100 of office supplies on hand. Supplies Expense for the accounting period is $3,300. What was the beginning balance of Office Supplies?

$1,200

Carter Co. paid $1,000,000 for land 3 years ago. Carter estimates it can sell the land for $1,200,000, net of selling costs. If the land is not sold, Carter plans to develop the land at a cost of $1,500,000. Carter estimates net cash flow from the development in the first year of operations would be $500,000. What is Carter's opportunity cost of the development?

$1,200,000

If two projects are completely and positively linearly dependent (or positively related), the measure of correlation between them is

+1

The coefficient of correlation that indicates the weakest linear association between two variables is

-0.11

Listed below are four numbers. Which of these numbers represents the coefficient of correlation of a stock portfolio with the least unsystematic risk?

-1.0

"Look and feel" copyright infringement lawsuits are concerned with:

. the distinction between an idea and its expression.

The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed, with mean of 3.2 pounds and standard deviation of 0.8 pound. If a sample of 64 fish yields a mean of 3.4 pounds, what is probability of obtaining a sample mean this large or larger?

0.0228

According to a survey of American households, the probability that the residents own 2 cars if annual household income is over $50,000 is 80%. Of the households surveyed, 60% had incomes over $50,000 and 70% had 2 cars. The probability that the residents of a household do not own 2 cars and have an income over $50,000 a year is:

0.12

At the end of the current year, B Co. had total assets of $2,500,000, current liabilities of $500,000, and long-term liabilities of $750,000. What is B Co.'s debt-to-equity ratio?

1.0

Pizza, Inc. provides the following data: 2019 2018 Assets Current Assets: Cash and Cash Equivalents $30,000 $25,000 Accounts Receivable, Net 37,000 62,000 Merchandise Inventory 59,000 50,000 Total Current Assets $126,000 137,000 Property, Plant, and Equipment, Net $124,000 120,000 Total Assets $250,000 $257,000 For the year ending December 31, 2019: Net Credit Sales $510,000 Cost of Goods Sold (160,000) Gross Profit $350,000 Calculate the asset turnover ratio for 2019. There are no cash sales. (Round your answer to two decimal places.)

2.01 times

This year, Nelson Industries increased earnings before interest and taxes (EBIT) by 17%. During the same period, earnings per share increased by 42%. The degree of financial leverage that existed during the year is

2.47

The owner of a fish market determined that the mean weight for a catfish is 3.2 pounds with a standard deviation of 0.8 pound. A citation catfish should be one of the top 2% in weight. Assuming the weights of catfish are normally distributed, at what weight (in pounds) should the citation designation be established?

4.84 pounds

In an analysis of long-run costs of production, "long run" means

A period of time long enough for the firm to make all resource costs variable in nature.

If the price elasticity of demand for a product is inelastic,

A price increase causes total revenue to increase.

Which of the following individuals would be most hurt by an unanticipated increase in inflation?

A retiree living on a fixed income.

All of the following are stages of the business cycle except

Acceleration.

The standard error of the mean

All of the above.

A country recently experienced a drop in consumer purchases and a rise in business inventories of durable goods. Wages grew slowly and unemployment increased. Business investment in plant and equipment dropped sharply and profits fell. Both interest rates and stock prices fell. Which of the following statements best represents the country's current economy?

Amidst an economic recession

You work for a highly successful advertiser that is about to expand nationally. Of utmost importance will be finding a way to store and disseminate its clients' frequently updated branding and style guides throughout the organization. The guides include multiple image files and text documents. What system will best serve these needs?

An extranet with knowledge management system (KMS) capabilities

The money supply in a nation's economy will decrease following

An increase in the reserve ratio.

If a product's demand is relatively elastic and the price is lowered, the effect will be

An increase in total revenue.

A privately owned subchapter S corporation increases its inventory of paper towels held for sale by 35% this year. How will this be reflected in the GDP calculation?

As an increase in gross private domestic investment.

Which of the following sequences states the order in which accounts are listed on a trial balance?

Assets → Liabilities → Equity

Newton Corporation settles a liability by making a payment in cash. How does paying this liability affect the accounting equation of the business?

Assets and liabilities decrease.

Rosewood Corporation purchased land for $100,000 by making a cash payment of $38,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation?

Assets and liabilities increase by $62,000.

Which of the following answer choices is the best definition of attitude?

Attitudes are evaluative statements of what one believes about something or someone.

Implementation controls:

Audit the systems development process at various points to ensure that the process is properly controlled and managed.

A measure that describes the risk of an investment project relative to other investments in general is the

Beta coefficient.

If we wish to determine whether there is evidence that the proportion of items of interest is the same in group 1 as in group 2, the appropriate test to use is

Both a) and b).

You are the production manager for a manufacturer of bicycle parts. Which of the following tools or technologies would you use to improve production precision?

CAD software

A network that spans a college or corporate facility is called a:

CAN.

________ refers to the degree to which decision making is concentrated at a single point in the organization.

Centralization

When compared with firms in perfectly competitive markets, monopolists ordinarily

Charge a higher price and produce a lower rate of output.

Which of the following is considered to be the fastest-growing form of computing?

Cloud Computing

Which of the following pricing policies results in establishment of a price to external customers higher than the competitive price for a given industry?

Collusive pricing.

Bander Co. is determining how to finance some long-term projects. Bander has decided it prefers the benefits of no fixed charges, no fixed maturity date, and an increase in the credit-worthiness of the company. Which of the following would best meet Bander's financing requirements?

Common stock.

The primary purpose of the consumer price index (CPI) is to

Compare relative price changes over time.

Setting the promotion budget so as to match the budgets of the competition is characteristic of which of the following budget methods?

Competitive-parity method

Tennis rackets and tennis balls are

Complementary goods.

The primary mechanism of monetary control of the Federal Reserve System is

Conducting open market operations.

. Which of the following indicators is used by the federal government to measure inflation?

Consumer price index.

In relation to the laws of supply and demand, an increase in supply will

Decrease the equilibrium price and increase the equilibrium quantity exchanged.

An increasing federal deficit implies which of the following conditions?

Decreased tax revenues and increased entitlement payments.

If a firm is considering the use of learning curve analysis in the determination of labor cost standards for a new product, it should be advised that this technique ordinarily is most relevant to situations in which the production time per unit decreases as additional units are produced and the unit cost

Decreases.

Personal income is equal to

Disposable income plus personal tax payments.

Variations between business cycles are most likely attributable to which of the following factors?

Duration and intensity.

When long-run average cost is declining over a range of increasing output, the firm is experiencing

Economies of scale.

_______ is an emotion that falls into the category of high positive affect.

Elation

In order for the Federal Reserve System to increase the money supply, the appropriate policy is to

Engage in open-market purchases of government securities.

. is a philosophy holding that a company's marketing should support the best long-run performance of the marketing system.

Enlightened marketing

is the practice of adopting policies and developing strategies that both sustain the environment and produce profits for the company.

Environmental sustainability

The risk of loss because of fluctuations in the relative value of foreign currencies is called

Exchange rate risk.

. A good example of monopolistic competition is the

Fast food industry.

The theory of cognitive dissonance was proposed by ________.

Festinger

Demand for a product tends to be price inelastic if

Few good substitutes are available for the product.

Goods that are produced by a manufacturing company and are ready to sell are recorded in the _______ account.

Finished Goods Inventory

Mont Blanc S.A., a French firm, imports its goods into the United States and offers those goods for sale at "less than fair value." "Fair value" is the price of Mont Blanc's goods in:

France.

An investment security with high risk will have a(n)

High standard deviation of returns.

Given recent information about growth trends and growth potential of ethnic populations within the U.S. market, which of the following ethnic groups would be a best bet to double during the next half century and become one of the U.S. market's most viable segments?

Hispanics and Asians

A __________ shows the frequency distribution of observed values of a variable.

Histogram

Many assumptions and factors may be considered to determine the fair value except

Historical cost.

Which is the best manner in which to deal with racial and ethnic diversity in the workplace?

Hold an orientation in which team members can discuss their differences.

All of the following are true about perfect competition except that

In the long run, an increase in profit will have no effect on the number of firms in the market.

Revenues and expenses may be transferred to the ________ account before their final transfer into the Retained Earnings account.

Income Summary

____________is a principle of enlightened marketing that requires that a company seek real product and marketing improvements.

Innovative marketing

In general, it is more expensive for a company to finance with equity capital than with debt capital because

Investors are exposed to greater risk with equity capital.

The Japanese term for continuous improvement is

Kaizen

Management's financial estimates are based on all of the following except

Known outcomes.

Which of the following is an assumption of the basic EOQ model?

Lead time is known and constant.

The Malcolm Baldrige Award criteria category that includes commitment by top management is

Leadership

_____________describes changes in an individual's behavior arising from experience.

Learning

Your friend Leslyn has been driving a Mustang for the past few years and is very vocal about how much she likes her car. Unfortunately, she was recently in an accident and has now purchased a brand new Challenger. Now she talks about how much she likes the Challenger and has started to criticize Mustangs! Which statement would best describe what you should say to Leslyn the next time she talks about cars?

Leslyn, I am sorry about your car Mustang. It was a great car but your Challenger is great too!

Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell?

Liabilities increase and equity decreases.

When purchasing temporary investments, which one of the following best describes the risk associated with the ability to sell the investment in a short period of time without significant price concessions?

Liquidity risk.

The yield curve shown implies that the

Long-term interest rates have a higher annualized yield than short-term rates.

To address the problem of a recession, the Federal Reserve Bank most likely would take which of the following actions?

Lower the discount rate it charges to banks for loans.

An employer is a monopsonist with respect to hiring labor, but it sells its product in a competitive market. Compared with a firm that must hire from a competitive labor market, the monopsonist will pay a

Lower wage and hire fewer workers

consists of dividing a market into distinct groups of buyers on the basis of needs, characteristics, or behavior who might require separate products or marketing mixes.

Market segmentation

_________is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

A financial institution looking to assess its investment portfolio's exposure to price changes most likely would use which of the following techniques?

Market value at risk analysis.

Osgood Products has announced that it plans to finance future investments so that the firm will achieve an optimum capital structure. Which one of the following corporate objectives is consistent with this announcement?

Maximize the net worth of the firm.

What measures the central tendency of a set of data?

Mean

In 1997, who performed a large benchmarking study for IBM?

Mercer Management Consultants

Which measure of central tendency can be used for both numerical and categorical variables?

Mode.

Which of the following is NOT considered to be an equitable remedy?

Money damages

Which of the following may be used to estimate how inventory warehouse costs are affected by both the number of shipments and the weight of materials handled?

Multiple regression analysis.

The distinguishing characteristic of oligopolistic markets is

Mutual interdependence of firm pricing and output decisions.

Which of the following traits is most likely to aid someone in becoming a leader?

Narcissism

Which of the following is an assumption in a perfectly competitive financial market?

No single trader or traders can have a significant impact on market prices.

Which of the following statements regarding leadership is true?

Nonsanctioned leadership is as important as formal influence.

The use of derivatives to either hedge or speculate results in

Offsetting risk when hedging and increased risk when speculating.

Economic markets that are characterized by monopolistic competition have all of the following characteristics except

One seller of the product.

__________ analysis is a technique used to identify quality problems based on their degree of importance.

Pareto

If the coefficient of elasticity is zero, then the consumer demand for the product is said to be

Perfectly inelastic.

is a person's distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.

Personality

Cognitive dissonance occurs in which stage of the buyer decision process model?

Post purchase behavior

Which of the following indicates that the economy is in a recessionary phase?

Potential national income exceeds actual national income.

Product demand increases and product supply decreases. Which of the following statements is correct regarding resulting market changes?

Price=increase Quantity=uncertain

. The choice between high markups and high volume is part of which of the following retailer marketing decisions?

Pricing decisions

According to JIT, by eliminating inventory we can clearly identify __________ and work on eliminating them

Problems

The Malcolm Baldrige Award criteria include categories for all of the following except

Product design

R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process?

Product development

The use of price points for reference to different levels of quality for a company's related products is typical of which product-mix pricing strategy?

Product line pricing

The basic source of improvements in real wage rates and in the standard of living is

Productivity growth.

Which of the following is an example of a high-velocity automated decision process?

Providing online search results

What does the consumer price index measure?

Rate of inflation.

One of the measures economists and economic policy makers use to gauge a nation's economic growth is to calculate the change in the

Real per capita output.

A business cycle is a record of the

Recurrent fluctuations that occur in time series data for key macro variables such as real GDP.

________ are not held liable for the messages they transmit.

Regulated common carriers

The difference between the required rate of return on a given risky investment and that on a riskless investment with the same expected return is the

Risk premium.

The "Big Five" personality traits include all but which of the following?

Self-confidence

A put is an option that gives its owner the right to do which of the following?

Sell a specific security at fixed conditions of price and time.

________________have contractual authority to sell a manufacturer's entire output.

Selling agents

An industry that is oligopolistic would be best characterized by

Significant barriers to entry.

Economic growth can be depicted as all of the following except:

Simultaneous inward shifts in both the aggregate supply and aggregate demand curves.

In terms of execution styles, a family seated at the dinner table enjoying the advertised product would be an example of which of the following types of advertising?

Slice of life

Which of the following would imply that data observations are closely clustered around the mean?

Small range and small standard deviation

Which of the following is not a form of non-price competition typical under monopolistic competition?

Special discounts.

Which one of the following is a characteristic of pure competition?

Standardized product.

A p-chart is an example of what?

Statistical process control

Each salesperson is assigned to an exclusive area in which to sell the company's full line of products or services in which type of salesforce structure?

Territorial sales force.

3M runs a Pollution Prevention Pays program that has led to a substantial reduction in pollution and costs. This would be an example of responding to which of the following?

The "green movement."

A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the population from which the study was sampled.

The 25,000 adult American pine trees in the forest.

A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the sample in the study.

The 250 randomly selected adult American pine trees.

Which of the following is not true about the GDPR?

The GDPR rejects the right to be forgotten.

For a p-chart or c -chart, what is the implication of a negative value for the LCL?

The LCL can effectively be rounded up to 0.

Which of the following is considered the most important U.S. federal statute setting forth conditions for handling information about individuals?

The Privacy Act

What is the supreme law of the land in the United States?

The U.S. Constitution

Which of the following is a continuous quantitative (numerical) variable?

The amount of milk in a 2-liter carton.

Which of the following is true when the estimate of an asset's useful life is changed?

The asset's remaining depreciable book value will be spread over the asset's remaining life.

Which of the following statements about client/server computing is not true?

The bulk of processing occurs on the client.

As described in the chapter case, which of the following constitutes a people element of the UPS tracking system?

The decision to use automation

Derived demand can best be described as

The demand for an input generated by the demand for the final product.

To assist in an investment decision, Gift Co. selected the most likely sales volume from several possible outcomes. Which of the following attributes would that selected sales volume reflect?

The greatest probability.

The demand curve for a product reflects which of the following?

The impact that price has on the amount of a product purchased.

Which of the following characteristics would indicate that an item sold would have a relatively high price elasticity of demand?

The item has many similar substitutes.

If a rent control law in a competitive housing market establishes a maximum or ceiling rent that is above the market or equilibrium rent,

The law has no effect on the rental market.

Which of the following conditions is the primary cause of fluctuations in business activity resulting in the alternating rise and fall of economic growth?

The level of total spending.

Which of the following is NOT an assumption of cost-volume-profit (CVP) analysis?

The price per unit changes as volume changes.

Which of the following is most likely a parameter as opposed to a statistic?

The proportion of females registered to vote in a county.

The discount rate of the Federal Reserve System is

The rate that the central bank charges for loans granted to commercial banks.

Loud people are more likely to be noticed in a group than quiet ones. So, too, are extremely attractive or unattractive individuals. Which of the following statements best explains the reason behind this fact?

The relationship of a target to its background influences our perception of the target.

. In an example discussed in your text, Johnson & Johnson's recall of their Tylenol product following the discovery that several bottles of Tylenol had been laced with cyanide is consistent with which business philosophy?

The societal marketing concept.

Increased demand for Product A increases the demand for resources used to produce Product A. What is the best explanation for the increase in the demand for resources?

The theory of derived demand is working.

The important thing in Quality Function Deployment competitive evaluation is

To identify customer requirements that should be pursued and how we fare relative to our competitors

In national income terms, aggregate demand is

Total expenditure on consumer goods and investment, including government and foreign expenditure, during a given period.

If the ratio of total liabilities to equity increases, a ratio that must also increase is

Total liabilities to total assets.

Which security is most often held as a substitute for cash?

Treasury bills.

What is the term for the probability that a value falling outside the control limits is still due to normal variation?

Type I error

The creation of deposit money by U.S. commercial banks increases the

U.S. money supply.

Which of the following is foreign owned (even though it is traditionally thought of as a U.S. company)?

Universal Studios

The first military use of management science was solving complex problems of logistics control, weapons system design, and deployment of missiles during _____________________.

World War II

The legislature of the state of Wyoming enacts a new statute that sets standards for the liability of businesses selling defective products. This statute applies in:

Wyoming only.

The Merchandise Inventory account balance is $52,000. A physical count of inventory reveals that the actual inventory balance is $41,000. Which of the following would be included in the adjusting entry?

a $11,000 credit to Merchandise Inventory

Metropolitan casting services started the year with total assets of $130,000 and total liabilities of $45,000. the revenues and the expenses for the year amounted to $130,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $60,000. Calculate the amount of increase or decrease in stockholders equity for the year

a $20,000 increase

Research finds that when nothing in particular is happening, called positivity offset, most individuals experience ________.

a mildly positive mood

Linus hires Mieko to act as his agent to purchase Ngoc's Southeast Asian Buffet. Linus tells Mieko to reveal only that she is buying the restaurant on behalf of a third party, without telling Ngoc's seller who that third party is. Linus is:

a partially disclosed principal.

Companies that manufacture identical items through a series of uniform production steps use ________ to determine the cost per unit produced.

a process costing system

Consider a packaged milk products supply chain. A lumber company provides wood to a paper mill, who supplies cardboard to a container manufacturer, who supplies containers to the milk products manufacturer. The lumber company is:

a tier three supplier.

McClelland's theory of needs concentrates on which three needs?

achievement, power, and affiliation

Erin believes that a higher, or universal, law exists that applies to all human beings. Erin asserts that each written law should reflect the principles inherent in this higher law. Erin:

adheres to the natural law tradition.

The type of trade-promotion discount in which manufacturers agree to reduce the price to the retailer in exchange for the retailer's agreement to feature the manufacturer's products in some way is called a(n):

allowance

A business that accepts payments by credit and debit cards ________.

almost always pays a fee to the processor to cover the processing costs

Property, plant, and equipment are ________.

also called fixed or plant assets

Elise, an emergency medical technician renders aid to a participant in Forest Trail Marathon, an athletic event. Regarding a suit by the participant against Elise for negligence, Elise is immune from liability under:

an applicable Good Samaritan statute.

Rachel is a state court judge. Salina appears in a case in Rachel's court, claiming that Tomas breached a contract. Possible remedies include:

an award of damages to Salina.

Faye works as an administrator and receptionist for Garage Door Store. The store withholds federal taxes from Faye's pay, and controls the methods and details of the performance of her work. Faye is not authorized to modify the prices or other terms of a sale at the store. Homer installs Garage Door products at the buyers' locations. Garage Door authorizes Homer to sell garage door upgrades and accessories at the buyers' locations at prices that Homer negotiates with those buyers. With respect to sales at those locations, Homer is:

an employee and agent.

Port Harbor City enacts an ordinance that bans the distribution of all printed materials on city streets. Later, Quint protests a new "revenue-enhancing" measure also enacted by the city by distributing handbills. When Quint is charged with violating the printed-materials ban, he files a suit against the city. Most likely, the court will hold that the ban is:

an unconstitutional restriction of speech.

Pre-configured hardware-software systems that use both relational and non- relational technology optimized for analyzing large data sets are referred to as:

analytic platforms

What costs are considered in the basic EOQ model?

annual ordering costs + annual holding costs

The subject of organizational culture has been most influenced by which behavioral science discipline?

anthropology

All of the following are types of information systems general controls except:

application controls

If Cornel and Deanna resolve their dispute by having a neutral third party render a binding decision, they will have used the method of:

arbitration.

What type of probability distribution will most likely be used to analyze warranty repair needs on new cars in the following problem? The service manager for a new automobile dealership reviewed dealership records of the past 20 sales of new cars to determine the number of warranty repairs he will be called on to perform in the next 90 days. Corporate reports indicate that the probability any one of their new cars needs a warranty repair in the first 90 days is 0.05. The manager assumes that calls for warranty repair are independent of one another and is interested in predicting the number of warranty repairs he will be called on to perform in the next 90 days for this batch of 20 new cars sold.

binomial distribution.

The smallest unit of data a computer can handle is called a:

bit

All of the following are currently being used as traits that can be profiled by biometric authentication except:

body odor

One of the major disadvantages of oral communication is that ________.

both A and B

A firm that locates all systems development and operations at its headquarters is using a ________ system configuration.

centralized

Managerial accounting includes the planning function. Which of the following items would be part of the planning function of a business's managerial accounting?

choosing goals and deciding how to achieve them

If either event A or event B must occur, then events A and B are said to be

collectively exhaustive.

The practice of going after a large share of a smaller market or subsets of a few markets is called:

concentrated marketing.

Jo files a suit against Lara in a Missouri state court. Lara's only connection to Missouri is an ad on the Web originating in Nebraska. For Missouri to exercise jurisdiction, the issue is whether Lara, through her ad, has:

conducted substantial business with Missouri residents.

How can the gaps between what managers think employees feel and what employees really feel be reduced?

conducting regular surveys

Martinville, Inc. earned revenues of $18,000 and incurred expenses of $4,000. The company declared and paid cash dividends of $3,500. What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account?

credit balance of $14,000

The fundamental set of assumptions, values, and ways of doing things that has been accepted by most of a company's members is called its:

culture

Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________.

current liabilities

Software that organizes, manages, and processes business data, such as data concerned with inventory, customers, and vendors, is called:

data management software

Which of the following is the major drawback of job sharing from management's perspective?

difficulty in finding compatible partners

Sellers that handle their own exports are engaged in:

direct exporting.

Data mining is more ________ than OLAP.

discovery driven

In evaluating messages for advertising, telling how the product is better than the competing brands aims at making the ad:

distinctive.

With reference to the attribution theory, which of the following terms indicates the extent to which an individual displays different behaviors in different situations?

distinctiveness

An individual's involvement with, satisfaction with, and enthusiasm for the work he/she performs is known as ________.

employee engagement

Which of the following is an example of an intrinsic reward?

employee recognition

The Central Limit Theorem is important in statistics because

for a large n , it says the sampling distribution of the sample mean is approximately normal, regardless of the shape of the population.

Fabiola, Gabriella, or any foreign citizen, can bring a civil suit in a U.S. court:

for a violation of a treaty of the United States or the law of nations.

A ________ allows management to make the most efficient use of its employees' skills and even successfully improve them through repetition.

high degree of work specialization

A "three-day cooling off period" in which buyers can cancel a contract after re-thinking it is to protect the consumer from:

high pressure selling

A company's compensation plan should reflect its overall marketing strategy. For example, if the overall strategy is to grow rapidly and gain market share, the compensation plan should reward:

high sales performance and encourage capturing new accounts.

If you were using the Fiedler contingency model of leadership to establish a scenario in your company which gives managers maximum control, which of the following combinations of situational dimensions would you seek to achieve?

high task structure, good leader-member relations, and strong position power

Charlie, the owner of Charlie's Foreign Auto Repair Service, files a suit against the state of Delaware, claiming that a state law violates the Commerce Clause of the U.S. Constitution. The court will agree if the statute:

imposes a substantial burden on interstate commerce.

The matching principle requires businesses to report Warranty Expense ________.

in the same period that the company records the revenue related to that warranty

Demand-pull inflation occurs when

incomes rise suddenly.

The profit margin ratio ________.

is often compared to the industry average

In Coastal Fishing Company's suit against Dockside Marina, Inc., the jury returns a verdict in Coastal's favor. Dockside files a motion stating that even if the evidence is viewed in the light most favorable to Coastal, a reasonable jury should not have found in its favor. This is a motion for:

judgment n.o.v.

A company faces several major decisions in international marketing. The first of these decisions is often:

looking at the global marketing environment.

Fealty Credit Corporation asks its employees to evaluate their actions and get on the ethical business decision-making "bandwagon." Guidelines for judging individual actions include all of the following except:

loopholes in the law or company policies.

Teams that consist of team members that score ________ are more likely to perform poorly.

low on agreeableness

According to the attribution theory, if a behavior scores ________, we tend to attribute it to external causes.

low on consistency

It is a fact that there are 24 million left-handed people in the United States, however, most marketers do not attempt to appeal to or design products for this group because there is little in the way of census data about this group. Therefore, this group fails in one of the requirements for effective segmentation. Which of the following is most likely to apply in this case?

measurable

Which of the following terms best describes feelings that tend to be less intense than emotions?

moods

A firm can exercise greater control over its suppliers by having:

more suppliers

A _________is a need that is sufficiently pressing to direct the person to seek satisfaction.

motive

An example of an operation that does not add value is ____________________________.

moving components to a warehouse for storage until the factory needs them

Which of the following is true regarding the relative predictability of the cycle of new product introductions?

new car models and new fashion are predictable, but new skin care products are not

What are the two primary objectives of aggregate planning?

output rate and workforce size

Job candidates who prefer ________ are likely to seek out and take employment in mechanistic structures, and those who want ________ are more likely to end up in an organic structure

predictability; autonomy

One issue that does seem to differ between men and women, especially when the employee has preschool-age children, is ________

preference for work schedules

A is a good offered either free or at low cost as an incentive to buy a product.

premium

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need is called a(n):

product.

The ______________holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency).

production concept

Which type of process would be least likely to produce goods for inventory rather than for a specific customer request?

project

Building a bridge over the Mississippi River for a new highway uses a

project process

Jill is an excellent technical writer. She has never missed a deadline and all her projects are of superior quality. She now wants to telecommute two days a week, so that she can spend more time with her family. She feels that she has proven her reliability. However, her boss is unable to comply with her request and gives her a substantial raise instead. Jill's disappointment demonstrates a breakdown in the ________ relationship.

rewards-personal goals

Maura enters a gas station and points a gun at the clerk Nate. She then forces Nate to open the cash register and give her all the money. Maura can be charged with:

robbery.

Which of the following types of computers would you use to support a computer network?

server

A is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything.

service

Successful service companies focus their attention on both their customers and their employees. They understand which links service firm profits with employee and customer satisfaction.

service-profit chains

Groups of approximately ________ members tend to be more effective for taking action.

seven

Contingency theories focus on the ________ that impact leadership success.

situational variables

in terms of special product life cycles, a _______is a basic and distinctive mode of expression.

style

If the field sales force has been supplied with new leads (via the telephone) that have been qualified, they have probably been assisted by:

telemarketers.

A is a numerical quantity computed from the data of a sample and is used in reaching a decision on whether or not to reject the null hypothesis.

test statistic

Parker owns and operates Rancho Mirage Corporation, a destination resort in Arizona that features horseback riding and bunkhouse accommodations. The U.S. Constitution provides that no person shall be deprived of "life, liberty, or property without due process of law." Included as "legal persons" under this clause are:

the corporation and Parker.

In a perfectly symmetrical distribution

the median equals the arithmetic mean.

AllforOne, Inc., develops a new phone that the company names "OneforAll." AllforOne can obtain trademark protection for:

the name "OneforAll."

MedBeat Inc., makes medical devices, including heart pacemakers. Nina, a heart patient, files a product liability suit against MedBeat, alleging a warning defect with respect to its pacemaker. In deciding whether to hold MedBeat liable, the court may consider whether there is a foreseeable risk of harm posed by the pacemaker and:

the omission of a warning renders the pacemaker not reasonably safe.

Which of the following sections of the statement of cash flows include activities that create revenue and expenses of the business?

the operating activities section

According to Engel's law, as income rises:

the percentage spent on other categories increases.

During the trial phase of Sof' Drink Soda Corporation's suit against TimeOut Convenience Stores, Inc., their attorneys engage in voir dire. This is:

the selection of jurors.

Which of the following statements is true regarding oral communication?

the sender can quickly obtain feedback from the receiver.

The key to a successful bonus plan is that the reward needs to be ________.

tied to a recent performance

Which of the following accounting terms assumes that a business's activities can be divided into small segments and that financial statements can be prepared for specific periods, such as a month, quarter, or year?

time period concept

Which of the following is not a physical manifestation of being a good listener?

touching the speaker

A(n) ________ is software for locating and managing stored web pages.

web server

The FIP principle of Notice/Awareness states that:

websites must disclose their information practices before collecting data

When testing for independence in a contingency table with 3 rows and 4 columns, there are ___ degrees of freedom.

6

In a perfectly symmetrical bell-shaped "normal" distribution

All the above.

All of the following are high in channel richness except ________.

writing

A university is an example of which layout type?

process

Discount Retail Corporation's social media policy directs its employees to "avoid negative public comments about your company." Elin is an employee of Discount Retail. When Elin criticizes fellow employees online, Discount Retail fires her. Elin then files a suit against the employer, seeking reinstatement. The court will most likely:

uphold Discount Retail's right to terminate Elin.

Costs that are proportional to the amount of units produced, such as materials and labor, are

variable costs

Conflicts between different levels of the same channel of distribution are referred to as:

vertical conflicts.

When producers, wholesalers, and retailers act as a unified system, they comprise a:

vertical marketing system.

Savers Mart, Inc., distributes its merchandise on an interstate basis. Under the commerce clause of the U.S. Constitution, Congress has the power to regulate:

virtually any commercial activity in the United States.

A company purchased 130 units for $20 each on January 31. It purchased 190 units for $25 each on February 28. It sold 190 units for $60 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system. Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.)

$4,364

A bank with a reserve ratio of 20% and reserves of $1,000,000 can increase its total demand deposits by

$5,000,000

What is the probability of a Type I error for a control chart with limits set at +- 3 standard deviations from the mean?

0.26%

The employees of a company were surveyed on questions regarding their educational background (college degree or no college degree) and marital status (single or married). Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is married and has a college degree is:

0.567

A hospital is comparing last year's emergency rescue services expenditures to those from 10 years ago. Last year's expenditures were $100,500. Ten years ago, the expenditures were $72,800. The CPI for last year is 168.5, as compared to 10 years ago when it was 121.3. After adjusting for inflation, what percentage change occurred in expenditures for emergency rescue services?

0.6% decrease.

The Assembly Department of Interface, Inc., manufacturer of computers, had 4500 units of beginning inventory in September, and 8000 units were transferred to it from the Production Department. The Assembly Department completed 4000 units during the month and transferred them to the Packaging Department. The weighted-average method is used. Calculate the total number of units to account for by the Assembly Department.

12,500 units

Dividends are equal to $5, and the current share price is $50. Dividends are expected to grow at 2% forever. According to the dividend growth model, what is the investor's required rate of return?

12.2%

What is the after-tax cost of preferred stock that sells for $5 per share and offers a $0.75 dividend when the tax rate is 35%?

15%

The following are the duration in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier. Relative Time (in Minutes) Frequency 0 but less than 5 0.37 5 but less than 10 0.22 10 but less than 15 0.15 15 but less than 20 0.10 20 but less than 25 0.07 25 but less than 30 0.07 30 or more 0.02 What is the width of each class?

5 minutes

An OC curve is an example of what?

Acceptance sampling

A government is most likely to reduce taxes on investments when

Capital spending is expected to be unusually low.

A business collects cash from a customer for services that were performed one month earlier. Which of the following accounts is debited?

Cash

The main reason that a firm would strive to reduce the number of days sales outstanding is to increase

Cash

Montgomery Equipment Rental Company received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?

Cash increases and Accounts receivable decreases

In the short run, a purely competitive firm operating at a loss will

Continue to operate as long as price exceeds average variable costs.

Mr. Johnson is hired as a consultant to a firm in a perfectly competitive industry. At the current output level, the price is $60, the average variable cost is $50, average total cost is $75, and the marginal cost is $70. In order to maximize profits in the short-run, Mr. Smith will recommend that the firm should

Continue to operate.

All of the following are alternative marketable securities suitable for short-term investment except

Convertible bonds.

How does inflation distort reported income?

Depreciation is not reflective of current fixed-asset replacement costs.

Which of the following types of systems could be used to enable different firms to work collaboratively on a product?

Extranet

You have been hired by Inspiration Inc. to help improve its financial performance. Inspiration Inc. is a business communications consulting firm that services many clients in different industries throughout the world. The firm provides its clients with customized written recommendations about how to best use the client's existing resources to improve the client's internal communications. The company has approximately 100 consultants, all of whom are located in its central headquarters in Chicago. Which of the following systems would you recommend to improve Inspiration Inc.'s business processes and improve its financial performance?

Extranet, to enable quick collaboration via the Internet, minimize the time spent communicating with the client, and minimize the amount of paperwork needed

The Wall Street Journal recently published an article indicating differences in perception of sexual harassment on the job between men and women. The article claimed that women perceived the problem to be much more prevalent than did men. One question asked of both men and women was: "Do you think sexual harassment is a major problem in the American workplace?" 24% of the men compared to 62% of the women responded "Yes." Assuming W designates women's responses and M designates men's, what hypothesis should The Wall Street Journal test in order to show that its claim is true?

Ho: pie -pie<- 0 versus H1: pie-pie >0

is screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.

Idea screening

When a company enters a new product category for which its current brand names are not appropriate, it will likely follow which of the following brand strategies?

New brands

A manufacturer of deep-sea oil rigs may be least concerned about which of these marketplace forces?

New market entrants

During an interview with one team member, you learn that several members of the team have had conflicts regarding the content of a task to which the team was recently assigned. Are these conflicts likely to be reducing the group's productivity?

No, because task-related conflicts usually benefit the performance of a team.

Mr. Smith is hired as a consultant to a firm in a perfectly competitive industry. At the current output level the price is $20, the average variable cost is $15, average total cost is $22, and marginal cost is $20. In order to maximize profits in the short-run, Mr. Smith will recommend that the firm should

Not change output.

When the U.S. dollar is expected to rise in value against foreign currencies, a U.S. company with foreign currency denominated receivables and payables should

Speed up collections and slow down payments.

A c-chart is an example of what?

Statistical process control

In JIT a Kanban card is used to signal

The need for more parts

Goods that have been started in the manufacturing process but are not yet complete are included in the ________.

Work-in-Process Inventory account

Pixie files a suit against Quiver. Before going to trial, the parties meet, with their attorneys to represent them, to present their dispute to a third party who is not a judge but who imposes a resolution on the parties. This is:

arbitration.

Investment Holdings Corporation hires Jeri, a business appraiser, to locate investment possibilities for Investment Holdings. Jeri learns of a salsa and hot sauce manufacturing company available for a reasonable price, but neglects to tell Investment Holdings. Most likely, Jeri:

breached the agent's fiduciary duties to the principal.

What technique is based on computing the quantity of goods a company needs to sell to just cover its costs?

break-even analysis

Which of the Malcolm Baldrige Award criteria is allocated the most points?

business results

When an international seller sells a plant, equipment, or technology to another country and agrees to take payment in the resulting products, it is called:

buy-back.

if goods are sold on terms FOB shipping point, the ________.

buyer normally pays the transportation costs

The place in the business buying behavior model where interpersonal and individual influences might interact is called the:

buying center.

Irma files a civil suit against Jim. To succeed, Irma must prove her case:

by a preponderance of the evidence.

Carol files a suit against Andy in a state trial court and loses. Carol:

can plead her case before an appellate court.

The entries that transfer the revenue, expense, and dividends balances to the Retained Earnings account to prepare the company's books for the next period are called ________ entries.

closing

Raymond is completing a study on discrimination in which he has noted that saleswomen who wear skirt suits make more sales than saleswomen who only wear pant suits. However, Raymond determined that his findings only pertained to those industries in which the purchasing decision maker is traditionally masculine. For example, the sales results were the same for all women selling to medical office managers, a female dominated field. Raymond used ________ variables to more accurately explain his results.

contingency

The direct labor costs and manufacturing overhead costs required to produce finished goods from raw materials are called ________.

conversion costs

Which of the following represents the combined sum of direct labor costs and manufacturing overhead costs?

conversion costs

Mace copies Nick's book, Off the Road, in its entirety and sells it to Parkland Books, Inc., without Nick's permission. Parkland publishes it under Mace's name. This is:

copyright infringement.

A(n) ________ is a structured survey of the accuracy and level of completeness of the data in an information system.

data quality audit

Which of the following items is a measure of a company's ability to collect receivables?

days' sales in receivables

On September 1, 2018, Real Estate Professionals, Inc. paid $7,000 in advance for an eight-month rental space covering the period of September 1, 2018 through April 30, 2019. The deferred expense was initially recorded as an asset. The company makes adjusting entries once a year at year-end. The adjusting entry on December 31, 2018 would include a ________.

debit of $3,500 to Rent Expense

Alberto is working with a group of fifteen people to coordinate the merger of two corporations. Everyone in the group is highly qualified, offers relevant information, and has high norms. Still, the group seems to be slow at outlining a definitive plan for the merger. With the information provided, what would be the fastest and best way for Alberto to increase cohesiveness and productivity?

decrease the size of the group

When the total fixed costs decrease, the breakeven point ________.

decreases

Treasury stock ________.

decreases the number of shares outstanding

If an adjusting entry includes a debit to Rent Expense, it indicates that the payment of rent had been previously recorded as a(n) ________.

deferred expense

Which of the following is not a positive attribute of Multiple Suppliers?

deliveries can be schedule more easily

Which of the following is a product cost?

depreciation on production equipment

The challenge in process layouts is to arrange resources to maximize __________ and minimize ___________.

efficiency, waste of movement

Operations Management is responsible for increasing the organization's efficiency, which means the company will be able to __________.

eliminate activities that do not add value

Kathryn expresses her anger against her supervisor for denying her a well-deserved promotion. Which of the following terms best describes the intense feelings that she directs at him?

emotions

Emotional intelligence (EI) is critical to effective leadership because one of its core components is ________.

empathy

The owner's claims to the assets of a business are called

equity

All of the following could be considered substitute products for industrial electricity generation except:

ethanol

One of the most promising developments in multivariable segmentation is called where a host of demographic and socioeconomic factors are used.

geodemographic segmentation

A process chart is a

graph that show whether a sample falls within the common or normal range

A recent change in supply chain management has been the:

green supply chain management requirement.

The standard error of the mean for a sample of 100 is 30. In order to cut the standard error of the mean to 15, we would

increase the sample size to 400.

Thad, Jamarcus, and Willy have been working for Davidson International each for three years. While the trio started together as analysts and are all still on the same team, Jamarcus has recently been made a team lead while Willy and Thad are still in their respective positions although Willy did receive a small raise after his last performance evaluation. Of the five major job attitudes, Jamarcus probably has the highest level of ________, while Willy probably has the highest level of ________.

job satisfaction; organizational commitment

Joining with foreign companies to produce or market products and services is called

joint venturing.

To assist in detecting illegal bribes, Cut Rite Contractors, Inc., and all U.S. companies, must:

keep records that "accurately and fairly" reflect financial activities.

Leveraging core competence is about sharing:

knowledge

The center line of a control chart represents what?

mean

The average number of baseball tickets sold at a particular price is an example of:

meaningful information

The term management information systems refers to a specific category of information systems serving:

middle management functions

According to the two-factor theory, ________ is a motivating factor.

responsibility

One of the most common problems with using internal database information is that:

since it was probably collected for some other purpose, it may be incomplete or wrong.

What are the two aspects to implementing the six-sigma concept?

technical tools and people involvement

Which of the following is not considered one of the four broad categories of competitive priorities?

technology

Service design differs from product design by including _____________ .

the esthetic and psychological benefits of the product

Which of the following sections from the statement of cash flows includes the cash paid for the purchase of Treasury Stock?

the financing activities section

Which of the following sections of the statement of cash flows includes the issuance of stock and the payment of cash dividends?

the financing activities section

.Environmental scanning would not provide information on:

the firm's internal inefficient distribution system

Jennifer has already presented two excellent reports. The third report she has just presented is clearly not as good as the first two reports, yet she is given the same high grade as before. What shortcut has the teacher used in this case?

the halo effect

information overload occurs when ________.

the information we have to work with exceeds our processing capacity

All of the following are thought to be sources of new product ideas EXCEPT:

the local library.

Evidence suggests that people tend to default to cooperative strategies in interpersonal interactions unless there is a clear signal that ________.

they are faced with a competitive person

Jane enters into a contract with Jill to provide 100 roses for a dinner party. Jill fails to deliver the roses. Jane initiates a suit against Jill, asking the court to order Jill to refund Jane's payment. Jane is:

the plaintiff.

Which of the following would be an appropriate alternative hypothesis?

the population proportion is less than 0.65.

Online retailing, or B2C, has shifted:

the power from the suppliers to the consumers.

The power of a statistical test is

the probability of rejecting H 0 when it is false.

An adjusted trial balance is given below. Debit Credit Cash $13,000 Accounts Receivable 2,000 Prepaid Rent 700 Merchandise Inventory 25,000 Accounts Payable $4,100 Salaries Payable 2,000 Notes Payable 800 Common Stock 8,000 Retained Earnings 3,800 Dividends 1,000 Sales Revenue 86,900 Cost of Goods Sold 23,000 Salaries Expense 18,000 Rent Expense 12,000 Selling Expense 8,500 Delivery Expense 1,800 Supplies Expense 600 Total $105,600 $105,600 What will be the final balance in the corporation's Retained Earnings account after recording the closing entries?

$25,800

Accounts Receivable has a balance of $32,000, and the Allowance for Bad Debts has a credit balance of $3,000. The allowance method is used. What is the net realizable value of Accounts Receivable before and after a $2,100 account receivable is written off?

$29,000; $29,000

From the following information, calculate economic profit: Total sales revenue $600,000 Total cost of sales 200,000 Selling expenses 50,000 General and administrative expenses 25,000 Forgone interest 20,000 Forgone entrepreneurial income 15,000

$290,000

Fact pattern: The financial transactions for the country of Panglossia with values stated in billions of dollars are listed below. Gross domestic product (GDP) $4,000 Transfer payments 500 Corporate income taxes 50 Social Security contributions 200 Indirect business taxes 210 Personal taxes 250 Undistributed corporate profits 25 Depreciation 500 Net income earned abroad for the country 0 Panglossia's disposable income is

$3,265

Fact pattern: Karen Parker wants to establish an environmental testing company that would specialize in evaluating the quality of water found in rivers and streams. However, Parker has discovered that she needs either certification or approval from five separate local and state governmental agencies before she can commence business. Also, the necessary equipment to begin costs several million dollars. Nevertheless, Parker believes that, if she is able to obtain capital resources, she can gain market share from the two major competitors. The market structure Karen Parker is attempting to enter is best described as

An oligopoly.

Which of the following statements about passwords is not true?

Authentication cannot be established by the use of a password.

Which of the following statements regarding the allowance method of accounting for uncollectible receivables is incorrect ?

Bad debt expense is not estimated.

A business makes a cash payment to a supplier on account for office supplies that were purchased earlier. Which of the following accounts is credited?

Cash

The Internet is based on which three key technologies?

Client/server computing, packet switching, and the development of communications standards for linking networks and computers

Which of the following accounts will be included in a post-closing trial balance?

Common Stock

One type of risk to which investment securities are subject can be offset through portfolio diversification. This type of risk is referred to as

Company unique risk.

In a job order costing system, a credit to Finished Goods Inventory will be accompanied by a debit to ________.

Cost of Goods Sold

Global companies that deal with the political and financial risks of conducting business in a particular foreign location face which of the following types of risk?

Country risk.

Each of the following is a pair of substitute resources except

Court bailiffs and judges.

Which of the following segments of the economy will be least affected by the business cycle?

Healthcare industry.

The monopoly firm has a patent that is about to expire. A new start-up firm has entered the market with a new method and has applied for patent protection. Which of the strategies below make the most economic sense for the monopoly firm? I. Acquire the start-up firm II. Continue production III. Divestiture

I and II only.

The U.S. Bureau of Labor Statistics samples American households each month and publishes an official unemployment rate based on the following formula: Which of the following persons are excluded from the denominator of this calculation? I. A homemaker with a part-time job outside the home II. A landscaper in the underground economy III. A laid-off database administrator not actively seeking other employment IV. A 15-year-old, actively seeking other employment, who was laid off by an ice cream stand owner

II, III, and IV.

Which of the following is a reason why a job order costing system is appropriate for a custom furniture manufacturer?

The cost incurred for each job will differ as per the order specifications.

Which of the following can typically access a company's intranet?

The firm's employees

All of the following are characteristics of monopolistic competition except that

The firms sell a homogeneous product.

Which of the following would be an appropriate alternative hypothesis?

The mean of a population is greater than 55.

Which of the arithmetic mean, median, mode, and geometric mean are resistant measures of central tendency?

The median and mode only.

Which of the following statements is correct regarding the variety and price of products produced under monopolistic competition as compared to production under perfect competition?

The monopolistically competitive industry produces a greater variety of products at a higher cost per unit

The accountant for Barnes Auto Repair, Inc. failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following is an effect of this omission?

The net income will be overstated.

The chancellor of a major university was concerned about alcohol abuse on her campus and wanted to find out the proportion of students at her university who visited campus bars on the weekend before the final exam week. Her assistant took a random sample of 250 students. The answer on "whether you visited campus bars on the weekend before the final exam week" from students in the sample is an example of .

a categorical variable.

Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children's clothing should be manufactured and marketed in larger sizes. If X is the weight of school children sampled in a nationwide study, then X is an example of

a continuous variable.

Liz files a suit against Moe in a state court. The case proceeds to trial, after which the court renders a verdict. If either party appeals, the clerk of the trial court will send to the clerk of the appellate court within a prescribed period of time:

a copy of the record on appeal.

Sara brings a lawsuit against Tucci over a sale of 1,500 acres of ranchland. During the trial, Tucci's attorney asks questions of the plaintiff's witness Ulysses. This is:

a cross-examination.

Congress enacts the Tight Money Act (TMA) of 2006 to ban "major business entities" from making political contributions that individuals can make. A court would likely hold the TMA to be:

an unconstitutional restriction of speech.

Clive is a purchasing agent for Double D Ranch with the authority to buy cattle at a certain auction. After the cattle are bought, the agency relationship terminates:

automatically.

Which of the following conflict-handling intentions is unassertive and uncooperative?

avoiding

Role ________ indicates the way others believe you should act in a given context.

expectation

Trucking Dispatch Company and Ucello put their agency agreement into a written document that describes the rights and duties of both parties. Ucello, as the agent, has:

express authority.

Which of the following is not one of the competitive forces in Porter's model?

external environment

Miranda is a U.S. citizen working in Europe for Tourist Vacations, Inc., a U.S. travel agency. Tourist fires Miranda for reasons that she believes violate U.S. antidiscrimination laws. Those laws apply:

extraterritorially.

Fresh Harvest Company, which is based on Georgia, packages and sells vegetables. Hayden, who is a resident of Indiana, buys a Fresh Harvest product, eats it, and suffers severe food poisoning. Hayden wants to file a suit against Fresh Harvest. The diversity of citizenship between these parties means that:

federal and state courts have concurrent jurisdiction.

In regards to job engagement, having a good manager they enjoy working for and ________ were found to be the top causations

feeling appreciated by one's supervisor

Every business is managed through what three major functions?

finance, marketing, and operations management

Participative management is a method of management where ________.

subordinates share a significant degree of decision-making power with their immediate superiors

Justice For All, a political organization, files a claim to challenge a Colorado statute that limits the liberty of all persons to broadcast "annoying" radio commercials. This claim is most likely based on the right to:

substantive due process.

To match expenses against revenues means to ________.

subtract expenses incurred during one period from revenues earned during that same period

Ballpark Sportsfield, Inc., files a suit against Concessions & Tailgate Services. The document that informs Concessions & Tailgate that it must file an answer within a specified time period is the __________.

summons

Roy owns an apartment building that contains units of different sizes. As the landlord of the building, when a prospective tenant asks about the size of an apartment, Roy has a duty to:

supply correct information.

CallTalk Corporation, a smartphone and phone-time seller, chooses to use and register "calltalk" as its second-level domain. Later, CallTalk's less successful competitor, CellTalk Company, chooses to use and register "caltalk" (an intentional misspelling of "calltalk") as its second-level domain. Still later, Call&Talk, Inc., uses the domain name "callltalk" (also a deliberate misspelling of "calltalk") without CallTalk's authorization, to sell pornographic phone conversations. Call&Talk's use of the domain name "callltalk," without CallTalk's authorization, to sell pornographic phone conversations, is:

trademark dilution.

Leaders who clarify role and task requirements to accomplish established goals exhibit a(n) ________ style of leadership.

transactional

Which of the following represents the correct flow of accounting data?

transactions occur; source documents are prepared; transactions are analyzed; transactions are journalized and posted

Your fellow employees have a terrible work situation. They work in an old, run-down building with an antiquated heating system. The work itself is tedious and the supervisor is rarely available and only shows up to give reprimands for production shortfalls. Nobody has received a promotion in two years. The work is boring, repetitious, and unrewarding. You are trying to improve this situation with the help of Herzberg's two-factor theory. You decide that your first job should be to improve the hygiene factors. Which of the following would you consider a hygiene factor?

working conditions

Which of the following is not a consequence of discrimination for employers?

workplace diversity

Which of the following concepts compares the price of goods in a given year to a base year?

Consumer price index.

Price ceilings

Create prices below equilibrium prices.

Given demand in excess of capacity, no spoilage or waste, and full use of a constant number of assembly hours, the number of components needed for an assembly operation with an 80% learning curve should I. Increase for successive periods. II. Decrease per unit of output.

I only.

A period of rising inflation

Increases the price level, which is negatively related to the purchasing power of money.

If a normal good competes with 30 similar goods and all 31 goods give the consumer equal satisfaction, the demand for the normal good

Is relatively elastic.

Which of the following is a primary drawback to the "do anything anywhere" computing environment?

It blurs the traditional boundaries between work and family time.

A government price support program will

Lead to surpluses.

________ are an essential component of a knowledge work system.

Links to external knowledge bases

When managing cash and short-term investments, a corporate CFO is primarily concerned with

Liquidity and safety.

A restaurant client has asked you to develop a system that would provide smartphone alerts about special discounts to potential customers in the vicinity. Which of the following tools will provide the solution?

Location analytics

________ help users gain information from large amounts of geographically linked data.

Location analytics tools

Which activity appears to be most frequently outsourced by large companies?

Manufacturing

Providing an adequate supply of money to accommodate the needs of U.S. business is the task of the

Federal Reserve System.

When markets are perfectly competitive, consumers

Have goods and services produced at the lowest cost in the long run.

How many tissues should the Kimberly Clark Corporation package of Kleenex contain? Researchers determined that 60 tissues is the mean number of tissues used during a cold. Suppose a random sample of 100 Kleenex users yielded the following data on the number of tissues used during a cold: X = 52, S = 22. Give the null and alternative hypotheses to determine if the number of tissues used during a cold is less than 60.

Ho:u>-60 and H1:u<60

A(n)________ is a name, term, sign, symbol, or design, or a combination of these that identifies the maker or seller of a product or service.

brand

Darla serves in a representative capacity for Ellen. To accomplish the objectives of this relationship, Darla's authority can be implied:

by custom.

How can United States managers be culturally sensitive?

by listening more

Despite misperceptions, the majority of studies have shown virtually no relationship between ________.

age and job performance

The matching principle states that ________.

all expenses should be recorded when they are incurred during the period

The type of sales presentation approach that requires good listening and problem-solving skills is the:

need-satisfaction approach.

The least expensive method of resolving a dispute between Ronald and Sharon may be:

negotiation because no third parties are needed.

OK Dry-Cleaning advertises so effectively that the regular customers of its competitor Purity Cleaners patronize OK instead of Purity. This is:

none of the choices.

The process of streamlining data to minimize redundancy and awkward many-to- many relationships is called:

normalization

River Rock Company makes spas and hot tubs. Sterling files a product liability suit against River Rock, alleging a warning defect in one of its products. In deciding whether to hold the defendant liable, the court may take note that a manufacturer or seller has no duty to warn about risks that are:

obvious.

The orange juice manufacturers know that orange juice is most often consumed in the mornings. However, they would like to change this and make the drink acceptable during other time periods during the day. Which form of segmentation would they need to work with and establish strategy reflective of their desires?

occasion segmentation

Which of the following sections of the statement of cash flows include purchases and sales of long-term assets?

the investing activities section

In a right-skewed distribution

the median is less than the arithmetic mean.

Which type of operation is used to produce many different products with varying process requirements in lower volumes?

intermittent

A(n) _________ are computerized collections of information obtained from data sources within the company.

internal databases

The stage is the product life cycle that focuses on expanding market and creating product awareness and trial is the:

introduction stage.

The ultimate source of an organization's culture is ________.

its founders

Eartha receives from Fergie a guitar stolen from Harper. To be criminally liable, Eartha must:

know that the guitar is stolen

Stan, an air-conditioning and heating technician, files a suit against Temp-Set Corporation, alleging that its thermostats are unreasonably dangerous due to the possibility of electrical shock. Temp-Set's best defense is most likely:

knowledgeable user.

Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs?

last-in, first-out

Research suggests which of the following relationships exists between the weather and mood?

limited or little effect

Using a successful brand name to introduce additional items in a given product category under the same brand name (such as new flavors, forms, colors, added ingredients, or package sizes) is called a(n):

line extension.

A business makes a cash payment of $12,000 to a supplier for supplies purchased two weeks earlier. Which of the following accounts is debited?

Accounts Payable

The entry to record depreciation includes a credit to the ________ account.

Accumulated Depreciation

Which of the following accounts will have an ending balance after the closing process is completed?

Accumulated Depreciation

Which of the following accounts will be included in a post-closing trial balance?

Accumulated Depreciation—Building

The demand curve for a normal good is

Downward sloping because of the income and substitution effects of price changes.

Which one of the following components of gross domestic product (GDP) has the greatest fluctuation from year to year?

Gross domestic private investment.

Which of the following is a data analysis technology that finds hidden connections between data in disparate sources?

NORA

If an advertiser wants flexibility, timeliness, good local market coverage, broad acceptability, and high believability, the advertiser will probably choose which of the following mass media types?

Newspapers

An investor is currently holding income bonds, preferred stocks, subordinated debentures, and U.S. Treasury bonds. Which of these securities traditionally is considered to have the least risk?

U.S. Treasury bonds.

Comprehensive security management products, with tools for firewalls, VPNs, intrusion detection systems, and more, are called ________ systems.

UTM

Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $62,000 Manufacturing Overhead Incurred 177,000 Direct Materials Used 151,000 Finished Goods Inventory, Jan. 1 197,000 Finished Goods Inventory, Dec. 31 99,000 Work-in-Process Inventory, Jan. 1 221,000 Work-in-Process Inventory, Dec. 31 108,000

$503,000

At what point in the industry life cycle should a firm in a monopolistic competitive market consider acquiring other firms?

At no point in the monopolistic competition industry life cycle should the firm be looking to make an acquisition.

An expense that has been incurred but not yet paid is called a(n) ________.

accrued expense

Which of the following would indicate that the economy is in an expansionary phase?

Businesses increase capital investment.

Price tends to fall in competitive markets when there is a(n)

Decrease in demand for the product.

Which of the following refers to the purchase or sale of goods and services over the Internet?

E-commerce

On March 1, 2018, Everson Services issued a 4% long-term notes payable for $16,000. It is payable over a 4-year term in $4000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. Each yearly installment will include both principal repayment of $4000 and interest payment for the preceding one-year period. On March 1, 2019, ________. The accounting period ends on December 31.

Everson must pay $640 of interest to the note holder

Warranty claims, customer complaints, and costs of litigation are examples of __________ costs.

External failure

The standard deviation is an example of what?

Fishbone diagramming

Which one of the following is not a determinant in valuing a call option?

Forward contract price.

A market with many independent firms, low barriers to entry, and product differentiation is best classified as

Monopolistic competition.

A corporation's net income as presented on its income statement is usually

More than its economic profits because opportunity costs are not considered in calculating net income.

________is quoted as saying that "everyone lives by selling something.

Robert Louis Stevenson

A decrease in the price of a complementary good will

Shift the demand curve of the other commodity to the right.

If the Federal Reserve raises the discount rate, which of the following effects is likely to occur?

Short-term interest rates will likely increase.

The rate of unemployment caused by changes in the composition of employment opportunities over time is referred to as the

Structural unemployment rate.

Which of the following is a discrete quantitative (numerical) variable?

The number of employees of an insurance company

The different characteristics that can be measured by control charts can be divided into what two groups?

Variables and attributes

The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a Blu-ray player made by the company over the past 12 months are satisfied with their products. The population of interest is

all the customers who have bought a Blu-ray player made by the company over the past 12 months.

Marylyn is a very driven person who seeks to push ideas forward to keep people on their toes; however, she also has a problem with stepping on peoples toes and being overly critical of others. Marylyn probably has high ________ and low ________.

conscientiousness; emotional stability

A bureaucracy is characterized by all of the following except ________.

decentralized decision making

As a judge, Jay applies common law rules. These rules develop from:

decisions of the courts in legal disputes.

A firewall allows the organization to:

enforce a security policy on data exchanged between its network and the Internet.

Which of the following is an effective means of countering social loafing?

ensure that individual contributions to the group's outcome are identified

The matching principle ________.

ensures that all expenses are recorded when they are incurred during the period

The first step in making a capacity planning decision is ______________________.

identify capacity requirements

The Work-in-Process Inventory account includes the ________.

goods that are partially completed

As organizational behaviorists, we organize characteristics by overall traits describing the ________ and ________ of a person's personality.

growth; development

It was Marisol's first day at work. At first she was very nervous, but when she was introduced to her cubicle neighbor, Hanna, she was reassured by Hanna's soothing smile. Marisol thought that a person with such a beautiful smile could not be bad, and that she would enjoy having her in such close proximity. Which of the following concepts best describes this example?

halo effect

According to the traditional view of conflict, conflict is ________.

harmful

All of the following are criticisms leveled against marketing by critics EXCEPT :

harming consumers through too many product choices.

A completely randomized design

has only one factor with several treatment groups.

When hackers gain access to a database containing your personal private information, this is an example of:

identity theft

One disadvantage of using undertime is

product labor cost increases

When the sales price per unit decreases, the breakeven point ________.

increases

All of the following describe the effects of globalization except:

increases in transaction costs

If the outcome of event A is not affected by event B , then events A and B are said to be

independent.

Which of the following will be included in manufacturing overhead costs?

indirect labor and indirect materials used

The activity-based costing system improves the allocation of ________.

indirect manufacturing costs

What are the Institute for Supply Management's principles of ethical supply chain management conduct?

loyalty to your organization, justice to those with whom you deal, and faith in your profession

The Internet raises the bargaining power of customers most effectively by:

making information available to everyone.

When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a ________ strategy.

market niche

Successful depends on how well a company blends its people, organizational structure, decision and reward systems, and company culture into a cohesive program that supports its strategies.

marketing implementation

Operational efficiency is:

performing operations tasks well

. The fact that services cannot be stored for later use or sale is evidence of their:

perishability.

An account that is not closed at the end of the period is called a(n) ________.

permanent account

When Michael Jordan and Tiger Woods use marketing to promote their careers and improve their impact and incomes, they are using:

person marketing.

A hospital is an example of which layout type?

process

Computer-aided manufacturing is an example of what?

process technology

Which of the following is not associated with descriptive statistics?

proportion

P-charts are used to measure:

proportion of items in a sample that is defective

Employees' beliefs in the degree to which they influence their work environment, their competence, the meaningfulness of their job, and their perceived autonomy is termed as ________.

psychological empowerment

Which behavioral science discipline is most focused on understanding individual behavior?

psychology

A is a promotion strategy that calls for using the sales force and trade promotion to move the product through channels.

push strategy

A price reduction to buyers who buy in large volumes is called a(n):

quantity discount.

Joy invites Ken into her apartment. Ken commits trespass to land if he:

refuses to leave when Joy asks him to go.

When the total fixed costs increase, the contribution margin per unit ________.

remains the same

___ is the equity earned by profitable operations that is not distributed to stockholders

retained earnings

Elsa participates in an investigation into possible violations of the Civil Rights Act of 1964 at Fabrication Foundry, Inc., where she works. As a result, Elsa's employer demotes her. Elsa can file a:

retaliation claim.

When designing the Taurus model, what did Ford Motor Company do with regard to BMW and Toyota?

reverse engineering

What is the first step that should be taken if an observation falls below the lower control limit on a control chart?

search for assignable causes

If we consider Maslow's hierarchy of needs in the context of Japan, Greece, and Mexico, where uncertainty-avoidance characteristics are strong, then ________ needs would be on top of the hierarchy.

security

The main difference between the ideas of self-efficacy and self-esteem is ________.

self-efficacy refers specifically to tasks

Mediocrité, Inc., makes and sells goods that are substandard. Naomi, who has never bought or used a Mediocrité item, files a suit against the firm, alleging that its products are defective. The company's best ground for dismissal of the suit is that Naomi does not have:

standing

Anya is a graphic designer in a firm specializing in making logos for their clients. Last week, she got client specifications on how to make a new logo. She was able to create a prototype, and having got it initially reviewed by her immediate supervisor, she made changes until the client was satisfied with her final product. Based on this description, it's safe to say that Anya's job is high in ________ and ________.

task identity; feedback

The purpose of strategic planning is to find ways in which the company can best:

use its strengths to take advantage of attractive opportunities in the environment.

Which of the following would be considered a direct labor cost for a manufacturing company?

wages of the assembly line staff

Wal-Mart owned Sam's club is an example of a retail form called a(n):

warehouse club.

The beginning inventory costs and the product costs of the current period are combined to determine the average cost of equivalent units of production under the ________.

weighted-average method

You are currently holding a call option on a stock with an exercise price of $100. If the current stock price is $90, your net proceeds by exercising this option will be

$(10)

Major league baseball salaries averaged $3.26 million with a standard deviation of $1.2 million in a certain year in the past. Suppose a sample of 100 major league players was taken. What was the standard error for the sample mean salary?

$0.12 million

A lender and a borrower signed a contract for a $1,000 loan for 1 year. The lender asked the borrower to pay 3% interest. Inflation occurred and prices rose by 2% over the next year. The borrower repaid $1,030. What is the amount worth in real terms, after inflation?

$1,009.80

Maxwell Tax Planning Service bought communications equipment for $10,200 on January 1, 2019. The equipment has an estimated useful life of five years and zero residual value. Maxwell uses the straight-line method to calculate depreciation and records depreciation expense in the books at the end of each month. As of June 30, 2019, the balance in the Accumulated Depreciation account for this equipment is ________.

$1,020

Fleetwood, Inc. signed a three-year note payable for $59,000 at 7% annual interest. What is the interest expense for 2019 if the note was signed on August 1, 2019? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

$1,721

Singh Enterprises manufactures picture frames. Its production operations are divided into two departments — Assembly and Finishing. The company uses a process costing system. Singh incurred the following costs during the year to produce 6000 picture frames: Assembly $9700 Finishing $2250 If Singh can only sell 5100 picture frames during the year, what will be the cost per unit of the picture frames produced? (Round your answer to the nearest cent.)

$1.99

Beginning January 2, Year 1, a company deposited $50,000 in a savings account for 2 years. The account earns 10% interest, compounded annually. What amount of interest did the company earn during the 2-year period?

$10,500

Anderson Corporation has purchased a group of assets for $20,300. The assets and their relative market values are listed below. Land $6800 Equipment 2300 Building 3600 Which of the following amounts would be debited to the Land account? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

$10,962

Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $30,000 Beginning Finished Goods Inventory 17,000 Ending Finished Goods Inventory 11,500 Cost of Goods Manufactured 12,600 Compute gross profit.

$11,900

Using the income approach, calculate the national income used to calculate GDP with the information provided below: Interest $8,000 Salaries and wages 50,000 Net foreign factor income 7,000 Partnership income 10,000 Rents 20,000 Indirect business taxes 1,000 Corporate profits 25,000 Proprietor income 4,000

$117,000

A small country that uses the U.S. dollar as its currency is measuring its GDP for the current year. Personal consumption expenditure was $69,000 last year, and it increased by 10% this year. Gross private domestic investment was $18,000, and it decreased by 5% this year. Government purchases was $19,000, and it increased by 20% this year. Net exports of $2,000 remained the same as last year. What is the current year's GDP based on the classic expenditure model?

$117,800.

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $110,000. During the year, Sales Revenue amounted to $90,000, Cost of Goods Sold was $40,000, and all other expenses totaled $12,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be ________.

$121,000

A company purchased 500 units for $30 each on January 31. It purchased 550 units for $33 each on February 28. It sold a total of 650 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.)

$13,200

On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $160,000 at 15%. The note will be paid in equal annual installments of $42,278, beginning January 1, 2019. Calculate the balance of Mortgage Payable after the payment of the first installment. (Round your answer to the nearest whole number.)

$141,722

Precision camera services started the year with total assets of $90,000 and total liabilities of $65,000. the revenues and the expenses for the year amounted to $100,000 and $70,0000, respectively. During the year the company did not issue any common stock, but it distributed dividends of $40,000. what is the amount of stockholders equity at the end of the year?

$15,000

The balances of select accounts of Donovan, Inc. as of December 31, 2018 are given below. Debit Credit Building $120,000 Cash 9,000 Office Supplies 1,000 Furniture 4,000 Prepaid Insurance 600 Accumulated Depreciation—Furniture $2,000 Land 33,000 Accumulated Depreciation—Building 4,000 Accounts Receivable 2,000 What amount of total long-term assets would be shown on the balance sheet at December 31, 2018?

$151,000

After the December 31, 2019 adjusting journal entries have been posted, Sinclair Enterprises has the following account balances (all accounts have normal balances) are: Account Title Account Balance Accounts Receivable $159,000 Allowance for Bad Debts $4,600 Bad Debts Expense $8,200 What is the net realizable value as of December 21, 2019?

$154,400

Venus Corp. sold goods, with a selling price of $17,221, for cash. The state sales tax rate is 8%. What amount is credited to the Sales Revenue account? (Round calculations to the nearest dollar.)

$17,221

Baldwin, Inc. had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 125 units at $81 March 10 Sold 50 units June 10 Purchased 225 units at $86 October 30 Sold 175 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the first-in, first-out inventory costing method are used?

$18,725

The full-employment gross domestic product (GDP) is $1.3 trillion, and the actual gross domestic product is $1.2 trillion. The marginal propensity to consume (MPC) is 0.8. When inflation is ignored, what increase in government expenditures is necessary to produce full employment?

$20 billion.

Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 8000 units during the year. The company has provided the following information: Sales Revenue $593,000 Purchases (excluding Freight In) 304,000 Selling and Administrative Expenses 68,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 Ending Merchandise Inventory 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.)

$203,000

Wellness, a healthy living magazine, collected $504,000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account as of December 31?

$210,000

Bachman, Inc. plans to develop a shopping center. In the first quarter, the following amounts were spent: Acquisition of land $23,000 Surveys and legal fees 1500 Land clearing 400 Fencing 7000 Install lighting and signage 1860 What amount should be recorded as the cost of the land in the corporation's books?

$24,900

A corporation has $50,000 in equity and a debt-to-total-assets ratio of 0.5. The firm wants to reduce this ratio to 0.2 by selling new common stock and using the proceeds to repay principal on outstanding long-term debt. What amount of additional equity financing must the corporation obtain to accomplish this objective?

$30,000

Zander Company has fixed costs of $14,000. The company's contribution margin ratio is 46%. What is the breakeven point in sales dollars? (Round your answer to the nearest dollar.)

$30,435

A vendor offered Wyatt Co. $25,000 in compensation for losses resulting from faulty raw materials. Alternatively, a lawyer offered to represent Wyatt in a lawsuit against the vendor for a $12,000 retainer and 50% of any award over $35,000. Possible court awards with their associated probabilities are as follows: Award Probability $75,000 0.6 $0 0.4 Compared with accepting the vendor's offer, the expected value for Wyatt to litigate the matter to a verdict provides a

$4,000 loss.

A company purchased 90 units for $20 each on January 31. It purchased 180 units for $25 each on February 28. It sold 180 units for $60 each from March 1 through December 31. If the company uses the first- in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

$4,050

At the beginning of Year 1, $100,000 is invested at 5% interest, compounded annually. What amount of interest is earned in Year 2?

$5,250.00

If Tonya used $10,000 from her savings account, which was paying 5% interest annually, to invest in a coffee shop, the opportunity cost of this investment annually would be

$500

The following information was obtained from Durand, Inc.: Advertising Costs $11,600 Indirect Labor 8000 CEO's Salary 470,000 Direct Labor 53,000 Indirect Materials Used 8000 Direct Materials Used 390,000 Factory Utilities 840 Factory Janitorial Costs 1000 Manufacturing Equipment Depreciation 1700 Delivery Vehicle Depreciation 2110 Administrative Wages and Salaries 22,300 How much were Durand's period costs?

$506,010

An invoice of $600 for merchandise purchased is showing 2/15, n/30 as terms of credit. If the invoice is paid on or before the fifteenth day after the invoice date, the amount to be paid is ________.

$588

The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable$9,000 Revenue 8,000 Cash 7,650 Expenses 1,100 Furniture 11,000 Accounts Receivable 12,000 Common Stock 10,250 Notes Payable 4,500 What is the net income for Sandlin Marketing for the current month?

$6,900

The financial statements of Carrier Office Furniture Company include the following items: 2019 2018 Cash $42,500 $42,000 Short-term Investments 28,000 19,000 Net Accounts Receivable 102,000 98,000 Merchandise Inventory 166,000 148,000 Total Assets 527,000 547,000 Total Current Liabilities 273,000 285,000 Long-term Note Payable 64,000 60,000 What is working capital for 2019?

$65,500

Aaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year to be $760,000 and $520,000, respectively. Aaron allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are 16,000 hours and 8000 hours, respectively. What is the predetermined overhead allocation rate? (Round your answer to the nearest cent.)

$65.00 per machine hour

Accounts Receivable has a balance of $8,000, and the Allowance for Bad Debts has a credit balance of $450. The allowance method is used. What is the net realizable value of Accounts Receivable after a $160 account receivable is written off?

$7,550

The following Office Supplies account information is available for Nabors, Inc. Beginning balance $1,100 Office Supplies expensed 7,000 Ending balance 2,000 From the above information, calculate the amount of office supplies purchased.

$7,900

A company had a choice between Project X and Project Y. The net present value of Project X is $1,000,000, and the net present value of Project Y is $750,000. The company chose Project X. What is the opportunity cost of that decision?

$750,000

Bates Corp. has $100,000 in bonds payable with a fair market value of $120,000. It also has 1,000 shares of common stock issued at $50 per share with a fair market value of $80 per share. What amount represents the corporation's market capitalization?

$80,000

Clay Earth Company sells ceramic pottery at a wholesale price of $5 per unit. The variable cost of manufacture is $2.50 per unit. The fixed costs are $6200 per month. It sold 5700 units during this month. Calculate Clay Earth's operating income (loss) for this month.

$8050

What is the price of a 10-year, 10% coupon bond with a $1,000 face value if investors require a 12% return? Assume annual coupon payments. Present Value of an Ordinary Annuity % 10 Periods 10 6.14 12 5.65 Present Value of $1 % 10 Periods 10 .386 12 .322

$887.00

The controller of Gray, Inc., has decided to use ratio analysis to analyze business cycles for the past 2 years in an effort to identify seasonal patterns. Which of the following formulas should be used to compute percentage changes for account balances for Year 1 to Year 2?

(Current balance - Prior balance) ÷ Prior balance

If a consumer describes a car as being the "most economical car on the market," then this descriptor is a:

. belief.

The following information pertains to a company's potential investment in security X: Maturity risk premium 1% Liquidity risk premium 3% Default risk premium 2% Risk-free rate 4% What is the company's required rate of return for the investment in this security?

10%

Using the capital asset pricing model (CAPM), the required rate of return for a firm with a beta of 1.5 when the market return is 10% and the risk-free rate is 8% is

11%

An analyst covering Guilderland Mining Co. common stock estimates the following information for next year: Expected return on the market portfolio12% Expected return on Treasury securities 5% Expected beta of Guilderland 2.2 Using the CAPM, the analyst's estimate of next year's risk premium for Guilderland's stock is closest to

15.4%

When was the first mathematical model for inventory management developed?

1913

When were the Hawthorne Studies conducted?

1930s

If 34,000 units are 80% complete with respect to direct materials, then the equivalent units of production for direct materials are ________. The weighted-average method is used.

27,200 units

In six-sigma the level of defects is reduced to approximately

3.4 parts per million

A company reports total assets of $910,000 and stockholders' equity of $530,000. Calculate the debt ratio. (Round your answer to two decimal places.)

41.76%

Aaron Co's vendor will be offering discounts next year. Which of the following credit terms offered by the vendor is most beneficial to Aaron?

5/20, net 60.

A furniture corporation manufactures two models of furniture—Standard and Deluxe. The total estimated manufacturing overhead costs are $64,200. The following estimates are available: Standard Deluxe Direct materials cost per unit $250 $290 Direct labor cost per unit $125 $140 Number of units 240 600 The company uses direct labor costs as the base to allocate manufacturing overhead. Calculate the predetermined overhead rate. (Round your answer to two decimal places.)

56.32%

What process width is typically used when computing the process capability index Cp?

6(std dev sign)

Consider a workstation that can process 4000 units per hour. It takes 15 minutes to receive an order from the previous station. The container size is 20 units. The factory sets safety stock at 20 percent of demand during lead time. How many kanbans are needed for the workstation?

60

The following information was taken from Culver Co.'s financial statements for the current year ending December 31: Current assets $11,000,000 Noncurrent assets 14,000,000 Total stockholders' equity 10,000,000 Total operating expenses 20,000,000 What was Culver's debt ratio as of December 31?

60%

Walton, Inc. provides the following data: 2019 2018 Cash $44,000 $25,000 Accounts Receivable, Net 101,000 62,000 Merchandise Inventory 78,000 50,000 Property, Plant, and Equipment, Net 182,000 120,000 Total Assets $405,000 $257,000 Additional information for the year ending December 31, 2019: Net Credit Sales $550,000 Cost of Goods Sold 150,000 Interest Expense 24,000 Net Income 184,000 Calculate the rate of return on total assets for 2019. (Round your answer to two decimal places.)

62.84%

Catalog marketing is big business in the United States. The average household receives catalogs per year.

75

Selected information from the accounting records of Bolingbroke Company follows: Net sales $1,800,000 Cost of goods sold 1,200,000 Inventories at January 1 336,000 Inventories at December 31 288,000 Assuming there are 300 working days per year, what is the number of days' sales in average inventories for the year?

78

Which of the following corporate characteristics would favor debt financing versus equity financing?

A high tax rate.

A characteristic of a monopoly is that

A monopoly will produce when marginal revenue is equal to marginal cost.

If the federal government regulates a product or service in a competitive market by setting a maximum price below the equilibrium price, what is the short-run effect?

A shortage.

Given a legal price floor of $3.00, what will be the result given the supply and demand curves below?

A surplus of 20 units.

You have collected data on the monthly seasonally adjusted civilian unemployment rate for the United States over a 10-year period. Which of the following is the best for presenting the data?

A time-series plot.

________ represents a short-term liability created by purchasing "on account."

Accounts Payable

Which of the following is a current asset that is expected to be converted to cash, sold, or consumed during the next year (or the normal operating cycle, if longer)?

Accounts Receivable

________ represent the right to receive cash in the future from customers for goods sold or for services performed.

Accounts Receivable

If a company's objective were to reach masses of buyers that were geographically dispersed at a low cost per exposure, the company would likely choose which of the following promotion forms?

Advertising

Researchers suspect that the average number of units earned per semester by college students is rising. A researcher at Calendula College wishes to estimate the number of units earned by students during the spring semester at Calendula. To do so, he randomly selects 100 student transcripts and records the number of units each student earned in the spring term. He found that the average number of semester units completed was 12.96 units per student. Identify the population of interest to the researcher.

All Calendula College students enrolled in the spring.

Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first-year students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $600 per semester. Identify the population of interest to the researcher.

All first-year Drummand University students.

Which of the following is an open-source operating system designed for mobile devices?

Android

Aqua Co. manufactures and sells boats in San Francisco, California. Aqua Co. has hired a consultant to evaluate entry into the Fort Lauderdale, Florida, market. The consultant determined that at the projected level of output the price would be $90,000, the average variable cost would be $55,000, the average total cost would be $70,000, and the marginal cost would be $62,000. The consultant's recommendation would include the following remark:

Aqua Co. should enter the market.

Mulberry Corporation collected $16,000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Mulberry?

Assets increase by $16,000; assets decrease by $16,000.

Causes of variation that can be identified and eliminated are called what?

Assignable

Which of the following is not a remedy for the bullwhip effect?

Base forecasts on demand coming from the immediate downstream customer

Regarding the double-entry system, which of the following statements is incorrect ?

Because of technology, the use of the double-entry system of accounting is optional.

If advertising constantly sends out messages about materialism, sex, power, and status, which of the following categories of social criticism most closely matches this problem?

Cultural pollution

A ________ provides information to coordinate all of the business processes that deal with customers in sales, marketing, and service to optimize revenue, customer satisfaction, and customer retention

Customer relationship management (CRM) system

Marketers are sometimes accused of deceptive practices that lead consumers to believe they will get more value than they actually do. includes practices such as falsely advertising "factory" or "wholesale" prices or a large price reduction from a phony high retail price.

Deceptive pricing

Which of the following economic terms describes a general decline in prices for goods and services and in the level of interest rates?

Deflation.

if the average household income increases and there is relatively little change in the price of a normal good, then the

Demand curve will shift to the right.

If the price of apples declines and total revenue received by the firm increases, the

Demand for apples is elastic.

EM Co. is considering acquiring Chairy Co., which manufactures wooden rocking chairs. EM's accountant determined, at the projected output level, the following: Price $250 Average variable cost 125 Average total cost 160 Marginal cost 140 The accountant's report would include the following remark:

EM Co. should acquire Chairy Co.

Which one of the following is not a key assumption of perfect competition?

Each firm can price its product above the industry price.

Which of the following is more like a product layout as compared to a process layout?

Facilities are more capital intensive.

________ conflict supports the goals of the group while ________ conflict hinders group performance.

Functional; dysfunctional

A United States-based faculty member goes on sabbatical and works in Finland for a government-run university teaching classes for its International MBA program. The faculty member returns to the U.S. with a paycheck for $50,000 and spends $38,000 of it on a German manufactured car from a dealership in Miami, Florida. Using the classic expenditure model, how much does the GDP increase in each country?

Germany=$38,000 Finland=$50,000 USA= $0

The level of aggregate demand will decline if the level of

Gross private domestic investment decreases

A concerted effort to avoid doing business with a particular supplier is known as a

Group boycott.

Which of the following statements is true regarding Maslow's hierarchy of needs theory?

Having a substantially satisfied need no longer motivates.

A firm employs 100 workers and has 2 divisions, each in perfectly competitive markets. Division A produces tape measures and Division B produces saws. How should the firm allocate its workers to maximize efficiency? I. Allocate workers between the divisions so the average cost of producing tape measures equals the average cost of producing saws. II. Allocate workers to the division with the lowest marginal product of labor and divest from the other division. III. Allocate workers so the marginal product of labor is the same in both divisions.

III only.

Garage Magic, Inc., contracts for the sale of a certain number of garage door openers to Home & Yard Hardware stores. Ian buys one of openers. The applicable statute of limitations prescribes a period of four years. To bring a product liability claim against Garage Magic, Ian must file a suit within four years of:

Ian's discovery of an injury caused by the opener.

Which one of the following statements about supply and demand is true?

If demand increases and supply decreases, equilibrium price will increase.

State Street Beverage Company issues $805,000 of 9%, 10-year bonds on March 31, 2017. The bonds pay interest on March 31 and September 30. Which of the following statements is true?

If the market rate of interest is 10%, the bonds will issue at a discount.

Which of the following is not an example of a computer used as a target of crime?

Illegally accessing stored electronic communication

Disposable income is equal to

Income after taxes have been removed.

Which of the following methods may the Federal Reserve use to reduce inflationary pressures?

Increase margin requirements.

The most effective fiscal policy program to help reduce demand-pull inflation would be to

Increase taxes and decrease government spending.

The fact that services are sold, produced, and consumed at the same time refers to which of the following service characteristics?

Inseparability

If oil producers and retailers were to increase the price of gasoline for cars during the summer season by $.05 per gallon, these suppliers anticipate that the demand for gasoline

Is relatively inelastic.

Which of the following describes the financing activities section of the statement of cash flows?

It includes cash inflows and outflows related to long-term liabilities and equity.

Which of the following statements is not true about cloud computing?

It removes the concern about data and systems security for businesses.

Which of the following describes the operating activities section of the statement of cash flows?

It reports on activities that create revenue or expenses for the entity's business.

An example of a business using information systems for supplier intimacy is:

JCPenney's information system that allows its contract manufacturers to see what garments have been sold and need to be replaced.

________ is an operating system-independent, processor-independent, object- oriented programming language that has become a leading interactive programming environment for the web.

Java

Mac and Nan engage in a business transaction from which a dispute arises. Mac initiates a lawsuit against Nan by filing a complaint. If Nan responds to Mac's complaint by filing a counterclaim, then:

Mac will also have to file a response.

The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives is called:

Marketing implementation.

A major problem arising from the use of fiscal policy to help stimulate an economy is that there

May be an expansionary and, therefore, inflationary bias to such policies.

Because of the large number of factors that could affect the demand for its new product, interactions among these factors, and the probabilities associated with different values of these factors, the marketing department would like to develop a computerized model for projecting demand for this product. By using a random-number procedure to generate values for the different factors, it will be able to estimate the distribution of demand for this new product. This method of estimating the distribution of demand for the new product is called

Monte Carlo simulation.

An organization would usually offer credit terms of 2/10, net 30 when

Most competitors are offering the same terms, and the organization has a shortage of cash.

Which of the following statements about neural networks is not true?

Neural networks are best used as a substitute for human decision makers.

Each of the following is a limitation of GDP's usefulness as a measure of a nation's prosperity except

No practical means are available to compare real GDP from different time periods.

A forward contract involves a commitment today to purchase a product

On a specific future date at a price determined today.

A company has a policy of frequently cutting prices to increase sales. Product demand is significantly elastic. What impact would this have on the company's situation?

Quantity increases proportionally more than the price declines.

The shrinking of distances due to technological advances such as computer and fax connections by telephone, are one characteristic of what new challenge to marketing?

Rapid globalization.

Diana has noticed that many of her coworkers at Bubble, Inc., have been laid off over the past year due to low profits. Also, prices were lowered recently due to economic conditions. Even though Diana is worried about her future at Bubble, she has noticed that employment has risen over the past month and that prices are slowly increasing. Because other companies have had the same experience, what phase of the business cycle is the economy currently in?

Recovery

. An economy is at the peak of the business cycle. Which of the following policy packages is the most effective way to dampen the economy and prevent inflation?

Reduce government spending, increase taxes, reduce money supply, and increase interest rates.

According to fiscal policy principles, a tax increase will

Reduce spending and reduce aggregate demand.

Which of the following Federal Reserve policies would increase the money supply?

Reduce the discount rate.

The strength of the relationship between customer requirements and product characteristics is shown in the __________ matrix.

Relationship

When a 5% fall in the price of athletic shoes causes the quantity demanded to increase by 10%, the demand for athletic shoes is said to be

Relatively elastic.

Monopolistic competition is characterized by a

Relatively large group of sellers who produce differentiated products.

Which of the following occurs when muscle groups are forced through tens of thousands of repetitions under low-impact loads?

Repetitive Stress Injury (RSI)

The manner in which cartels set and maintain price above the competitive market price is to

Require cartel members to restrict output.

All of the following are tools or technologies for extracting information from unstructured data sets except:

SQL queries

A widely used approach that managers use to recognize uncertainty about individual items and to obtain an immediate financial estimate of the consequences of possible prediction errors is

Sensitivity analysis.

What technique answers the question of whether the process is functioning properly or not?

Statistical process control

Which of the following is not one of the characteristics of a spiritual organization?

Strong religious foundation

In a capitalistic society, it is not considered possible to have 100% employment of the labor force. Therefore, full employment is defined as something less than 100% employment because of the existence of

Structural and frictional unemployment.

Unemployment that is caused by a mismatch between the composition of the labor force (in terms of skills, occupation, industries, or geographic location) and the makeup of the demand for labor is called

Structural unemployment.

Which of the following categories best describes auto workers whose jobs have been replaced by computer-driven robots and are actively seeking employment in new industries?

Structural unemployment.

Which of the following types of computers are used for weather forecasting on a national or worldwide scale?

Supercomputer

Pricing to cover variable costs and some fixed costs, as in the case of some automobile distributorships that sell below total costs, is typical of which of the following pricing objectives?

Survival

Lamar Corporation originally purchased land for $20,000. It later sold the land for $20,000 in cash. Which of the following is true of the effect of the sale of land on the accounting equation?

The amount of total assets remains the same.

Which of the following statements is true if the variable cost per unit increases while the sales price per unit and total fixed costs remain constant?

The breakeven point increases.

Which of the following is not one of the four major causes of the bullwhip effect?

The business cycle

Which of the following is true of a corporation?

The earnings of a corporation may be subject to double taxation.

Which of the following statements is correct if there is an increase in the resources available within an economy?

The economy will be capable of producing more goods and services.

Which of the following is not one of the elements of negligence?

The mens rea (intent) to commit the act

Consider a p-chart measuring the percentage of defective light bulbs. If the LCL is .04 and a sample has 1% defects, what is the implication?

The process is out of control even though the variation is "good."

Which of the following is correct regarding the consumer price index (CPI) for measuring the estimated decrease in a company's buying power?

The products a company buys should differ from what a consumer buys.

Gross domestic product includes which of the following measures?

The total monetary value of all final goods and services produced within a nation in 1 year.

All of the following are components of the formula used to calculate gross domestic product except

The value of a homemaker's work.

A survey claims that 9 out of 10 doctors recommend aspirin for their patients with headaches. To test this claim against the alternative that the actual proportion of doctors who recommend aspirin is less than 0.90, a random sample of 100 doctors was selected. Suppose you reject the null hypothesis. What conclusion can you reach?

There is sufficient evidence that the proportion of doctors who recommend aspirin is less than 0.90.

In 1985, the Coca-Cola Company made a classic marketing blunder with its deletion of its popular Coca-Cola product and introduction of what it called New Coke. Analysts now believe that most of the company's problems resulted from poor marketing research. As the public demanded their "old Coke" back, the company relented and reintroduced Coca-Cola Classic (which has regained and surpassed its former position) while New Coke owns only 0.1 percent of the market. Which of the following marketing research mistakes did Coca-Cola make?

They defined their marketing research problem too narrowly.

Suppose that a stairway manufacturer's price elasticity of demand was relatively inelastic. If this manufacturer decided to increase the price of its stairways, what should have been the result?

Total revenues increased.

Which of the following classes of securities are listed in order from lowest risk/opportunity for return to highest risk/opportunity for return?

U.S. Treasury bonds; corporate first mortgage bonds; corporate income bonds; preferred stock.

The toy manufacturer you work for wants to exchange data with a chain of toy stores in order to improve its distribution and speed to market. The toy stores use different software than your firm. Which of the following tools or technologies presents the best solution?

Web Services

Which of the following would you use to find patterns in user interaction data recorded by web servers?

Web usage mining

In decision making under conditions of uncertainty, expected value refers to the

Weighted average of probable outcomes of an action.

An oligopolist faces a "kinked" demand curve. This terminology indicates that

When an oligopolist lowers its price, the other firms in the oligopoly will match the price reduction, but if the oligopolist raises its price, the other firms will ignore the price change.

Modern Clothing, Inc., and National Denim Corporation use the mark "Made by Members of the U.S. Textile Workers Union" on the tags of their products to indicate the participation of the union in the manufacture. Modern and National are not in business together and do not own this mark. The mark is:

a collective mark.

Loren files a suit against Mabel, alleging a failure to pay for the harvest of Mabel's orchards. Mabel denies Loren's charge and claims that Loren breached their contract to harvest a certain number of acres and owes Mabel money for the breach. Mabel's claim is:

a counterclaim.

To monitor campus security, the campus police office is taking a survey of the number of students in a parking lot each 30 minutes of a 24-hour period with the goal of determining when patrols of the lot would serve the most students. If X is the number of students in the lot each period of time, then X is an example of

a discrete variable.

The Montana Supreme Court decides the case of National Co. v. Overseas Corp. Of nine justices, six believe the judgment should be in National's favor. Justice Peel, one of the six, writes a separate opinion. The three justices who believe the judgment should be in Overseas' favor join in a third separate opinion. The opinion joined by the three justices who favor Overseas is known as:

a dissenting opinion.

Optima Medico Corporation, a U.S. firm, signs a contract with Pharma Beneficial, Ltd., a Canadian firm, to give Pharma the right to sell Optima's products in Canada. This is:

a distribution agreement.

Pier shops in a Rowdy Ranch & Farm Store store. Enticed by a display, Pier takes an item to examine it and, when she is done, places it on the floor. Tanner, a consumer enticed by the same display, does not see the item on the floor, trips over it, falls, and suffers an injury. With respect to the danger, Rowdy had:

a duty to discover and remove the hazard.

Olivia, a citizen of Nebraska, wants to file a suit against Micah, a citizen of Kansas. Their diversity of citizenship may be a basis for:

a federal court to exercise original jurisdiction.

Which of the following businesses is most likely to use a process costing system?

a soda manufacturer

Vince files a suit against Will. Vince and Will meet, and each party's attorney argues the party's case before a judge and jury. The jury presents an advisory verdict, after which the judge meets with the parties to encourage them to settle their dispute. This is:

a summary jury trial.

InfoFree Inc. makes and sells devices and services for the circumvention of encryption software. Under the Digital Millennium Copyright Act (DMCA) of 1998, this is:

a violation of copyright law.

Some consumers misuse the products of Hardware Supplies, Inc., and are injured. In terms of responsibility, Hardware may have:

an ethical duty only.

CAD systems:

are capable of generating realistic-looking three-dimensional graphic designs that can be rotated and viewed from all sides.

The standard error of the population proportion will become larger

as population proportion approaches 0.50.

When a stockholder contributes land to a corporation in exchange for stock, ________.

assets and stockholders' equity are increased

Country Homes Corporation just recorded a transaction in its books. If this transaction increased the total liabilities by $10,000, then ________.

assets must increase, or equity must decrease by $10,000

Mrs. Jonas believes strongly that it is important that worker's rights be respected, and that one of the more important ways of doing this is to ensure that all workers be properly documented. She is supervising a contracting company that is building a new warehouse for her company. While doing this she discovers that many of the workers employed by the contractor are undocumented aliens working for well below minimum wage. In this situation Mrs. Jonas has a(n) ________ that is in conflict with a(n) ________.

attitude; behavior

The terms negotiation and ________ are used interchangeably.

bargaining

Managers in a developing country would see which of the following as ethical responsibility?

both B and C

Which of the following is NOT one of the five stages of the buyer decision process?

brand identification

Many U.S. firms have sought relief from foreign competition by demanding protectionism policies by the U.S. government. A better way for companies to compete is to expand into foreign markets and:

continuously improve their products at home.

Metal Fabrication, Inc. expends funds and takes steps to ensure that all employees are safe on the job, that all products are safe for consumers, and that the environmental impact of the corporation is minimal. Metal's owners and management appear to believe in the concept of:

corporate social responsibility.

Don sends e-mail to Eve, promising her a percentage of the amount in a foreign bank account if she will assist in transferring the funds to a U.S. bank account. Eve forwards her account number, but the funds are never sent. Instead, Don quickly withdraws the funds in Eve's account. This is:

cyber fraud.

The allocation of a plant asset's cost to expense over its useful life is called ________.

depreciation

The use of multiple computers linked by a communications network for processing is called:

distributed processing

The most innovative companies are often characterized by all of the following except ________.

entrenched cultures

Decisions regarding which of the following are not part of the production process infrastructure?

facilities

Data mining is a tool for allowing users to:

find hidden relationships in data.

Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases?

first-in, first-out

Generally speaking, the most effective teams have ________ members.

five to nine

Costs that do not vary with production or sales levels are called:

fixed costs.

Your trainees are given a case study concerning a local manufacturing firm called Acme Products. In assessing Acme's organizational structure, your trainees notice that all of the company's decisions are made by top management, with little or no input from lower-level personnel. The trainees most likely identify Acme as a(n) ________ organization.

highly centralized

The selection process helps sustain the organization's culture by ________.

hiring candidates who fit well within the organization

A natural monopoly is

identified with a one-firm industry with significant economies of scale and in which unit costs are minimized.

Posing as Platinum Bank, Quentin e-mails Rachel, asking her to update her personal banking information through a link in the e-mail. She clicks on the link and types in the data, which Quentin promptly sells to Spence. This is

identity theft.

Consolidated Waste, Inc., lays off 50 of its 500 workers, including Don. Consolidated can eliminate Don's medical insurance coverage:

if Consolidated completely cancels its group benefit plan.

Ceramics Corporation makes ceramic products for commercial uses, including heat-resistant tiles for industrial ovens. When damage occurs in an oven at Dura-mold, Inc., liability may be imposed on Ceramics if the tiles sold to Dura-mold were:

in a defective condition that was the proximate cause of the damage.

Brewster, the chief executive officer of Cog & Gear Lubricants Corporation, wants to ensure that Cog & Gear's activities are legal and ethical. The best course for Brewster and Cog & Gear is to act:

in good faith.

JIT can be traced back to the early 1900's but no one can argue that the philosophy gained worldwide prominence

in the 1970s

Research on employee stock ownership plans indicates that they ________.

increase employee satisfaction

During the year, Mason Company's current assets increased by $120,000, current liabilities decreased by $50,000, and net working capital

increased by $170,000.

MacMan, Inc. reported the following data: 2019 2018 Amount Percentage Revenues $6370 $4940 $1430 28.95% Cost of goods sold 3450 2200 1250 56.82% Gross profit 2920 2740 180 6.57% Operating expenses: Sales and marketing expense 710 630 80 12.7% General and administrative expenses 410 425 -15 -3.53% Research and development expense 480 490 -10 -2.04% Other expense 440 710 (270) (38.03)% Total operating expenses 2040 2255 (215) (9.53)% Income before income tax 880 485 395 81.44% Income tax expense 260 240 $20 8.33% Net income (loss) $620 $245 $375 153.06% The horizontal analysis shows that cost of goods sold has ________. (Round your answer to two decimal places.)

increased by 56.82%

Orinoco.com, an online seller of a variety of consumer streaming products, files a suit against the state of Nevada, claiming that a Nevada state law violates the Commerce Clause of the U.S. Constitution. The court will agree if the statute imposes a substantial burden on:

interstate commerce.

All of the following are considered to be drawbacks of local marketing EXCEPT :

it can attract unwanted competition.

Investment Sales Corporation wants to monitor its employees' electronic communications. Investment Sales's best course of action to avoid liability under laws related to employee monitoring is to notify:

its employees.

Biff wrongfully takes an unopened carton from a Cold Storage Warehouse loading dock, puts the carton in his car, and drives away. This is:

larceny.

The broad view of JIT is now often termed __________________________.

lean production

What type of process is designed to produce a large volume of a standardized product for mass production, such as automobiles?

line processes

What is typically used to quantitatively compare the effectiveness of layouts?

load-distance model

Decisions regarding which of the following are not part of the production process structure?

management policies

Software applications that combine different components of online software applications are referred to as:

mashups

________ is the ability to offer individually tailored products or services using the same production resources as mass production.

mass customization

The accounting principle that ensures all expenses are recorded during the period when they are incurred and offsets those expenses against the revenues of the period is called the ________ principle.

matching

The "in" suppliers are most likely to get nervous and feel pressure to put their best foot forward in which of the following types of buying situations?

modified rebuy

Bob's Big Burgers n' Shakes Restaurant brings a suit, seeking a remedy at law. A remedy at law is usually:

monetary damages.

A key feature of scientific management is that workers are motivated only by __________________.

money

Liz and Moss disagree over the amount due under their contract. To avoid involving any third party in the resolution of their dispute, Liz and Moss might prefer to use the alternative dispute resolution method of:

negotiation.

Adjusting entries are needed to correctly measure the ________.

net income (loss) on the income statement

Contribution margin ratio is the ratio of contribution margin to ________.

net sales revenue

A company is practicing if it focuses on subsegments with distinctive traits that may seek a special combination of benefits.

niche marketing

Food Packagers Union represents the workers of Garden Variety, Inc. The company does not require its new hires to join the union as a prerequisite to obtaining employment. Food Packagers would like Garden Variety to require the workers to join after a specified amount of time on the job. This would violate:

no federal law.

Holly is a highly motivated professional who likes to take on new tasks and makes certain that everything she does is done to perfection. In which two of the Big Five personality traits would Holly most likely score high?

openness to experience and emotional stability

Which of the following is the typical order of the sections on a statement of cash flows?

operating, investing, financing

Walmart exemplifies the power of information systems coupled with excellent business practices and supportive management to achieve which of the following?

operational efficiency

At The GAP, which function plans and coordinates all the resources needed to design, produce, and deliver the merchandise to its various retail locations?

operations management

Steel Production Industries, Inc., employs five hundred workers. For the Occupational Safety and Health Administration (OSHA), Steel Production must do all of the following except:

pay employees higher wages for working in more dangerous areas.

Jon, a law enforcement official, monitors Kelsey's Internet activities—e-mail and Web site visits—to gain access to her personal financial data and student information. This may violate Kelsey's right to:

privacy.

If Toyota describes one of its cars of the future as being "a moderately priced subcompact designed as a second family car to be used around town; the car is ideal for running errands and visiting friends," then the company has just stated a potential new product in terms of a(n):

product concept

Which of the following is correct sequence for relating product design, process selection, and arrangement of equipment in the factory?

product design determines process selection which determines arrangement of equipment

A company is in the stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product.

product development

A _______________is the way consumers perceive an actual or potential product.

product image

Evaluating a product idea to determine its likelihood of success is

product screening

What are the three primary types of technology?

product technology, process technology, and information technology

Which of the following is most likely a population as opposed to a sample?

registered voters in a county.

At its core, reinforcement theory contends that ________ condition(s) ________.

reinforcement; behavior

Zach is devout and very active in his church. He is also a very dedicated employee. His manager offers him a promotion but the new role will require him to work Sundays. Zach would like the promotion, but realizes that it would force him to miss some church activities. In such a situation, Zach is most likely to experience ________.

role conflict

Which of the following would be considered a period cost for a manufacturing company?

sales salaries

When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a .

sample

Which of the following refers to policies, procedures, and technical measures used to prevent unauthorized access, alteration, theft, or physical damage to information systems?

security

The typical method of retail operation used by supermarkets and catalog showrooms is called:

self-service retailing.

Which of the following would not be a basic element into which a job would be split when using predetermined time data?

sort

Research suggests that when members feel confident to ________ without fear of punishment, ________ can be beneficial and boost team performance.

speak up; conflict

A(n) is a retail store that carries a narrow product line with a deep assortment within that line.

specialty store

Which of the following will most likely be considered an indirect material cost for a bakery?

spices

Nunya is a computer software company that employs highly intelligent, but somewhat unusual people. Every Friday, free lollipops, toys, or other treats are given out to encourage employees to remember how creative they were when they were children. All the new members of the organization are told about the founders who were three young people who "got lucky" and sold a video game that they invented. The employees are allowed to dress informally and can set their own working hours. Informing employees about the founders is an example of which technique for transmitting culture?

stories

According to the text, the most dramatic of the environments that affect marketing and appears to be now shaping our world is the________________ environment.

technological

Preferred stock is stock ________.

that gives its owners certain advantages over common stockholders

A decision by the federal Environmental Protection Agency (EPA) on the amount of carbon that can be emitted from a car's exhaust system conflicts with a California state law. In this situation, under the supremacy clause of the U.S. Constitution

the EPA's decision takes precedence.

Which of the following ethical guidelines suggests that you put yourself in the place of others, and think of yourself as the object of the decision?

the Golden rule

. All of the following are commonly recognized promotion budget formats EXCEPT :

the LIFO method.

Leadership is best defined as ________.

the ability to influence a group toward the achievement of a vision or set of goals

Standard Business Company appeals a decision against it, in favor of Fast Delivery Corporation, from a lower court to a higher court. Standard is:

the appellant.

Lewis wants to file a suit against Mikayla. Before any court can hear the case:

the court must have jurisdiction.

Which of the following would most likely be accounted for using a job order costing system?

the creation of wedding photography portraits

The idea that the more any given resource is applied to production, the lower the marginal gain in output, until a point is reached where the additional inputs produce no additional output, is referred to as:

the law of diminishing returns

John is sales manager for Kleen 'N Brite Products, Inc. Compared to John's personal activities, his business activities involve:

the same ethical standards.

A client computer networked to a server computer, with processing split between the two types of machines, is called a(n) ________ architecture.

two tiered client/server

An authentication system in which a user must provide two types of identification, such as a bank card and PIN, is called:

two-factor authentication.

According to the Hofstede's framework, ________ indicates the degree to which people in a country prefer structured to unstructured situations.

uncertainty avoidance

The police obtain a search warrant and search Jordan's apartment. After yelling obscenities at the officers, Jordan confesses to a crime and implicates his friends. The U.S. Constitution protects against:

unreasonable searches.

Global Distribution Corporation suggests that its employees apply the "categorical imperative" to ethical issues that arise at work. This requires that the employees:

weigh the consequences that would follow if everyone acted the same.

Which of the following is not an example of a performance norm?

when an employee needs to look busy

Even though buying roles in the family change constantly, the has traditionally been the main purchasing agent for the family.

wife

Rupert is a victim of Sara's violation of a criminal law. Criminal law is concerned with:

wrongs committed against the public as a whole.

When a hacker discovers a security hole in software that is unknown to the software vendor it is an example of:

zero-day engineering

On January 1, 2018, Jordan, Inc. acquired a machine for $1,100,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $61,000. Calculate the depreciation expense per year using the straight-line method.

$207,800

Hudson Landscaping Service bought equipment for $9,600 on January 1, 2019. It has an estimated useful life of five years and zero residual value. Hudson uses the straight-line method to calculate depreciation and records depreciation expense in the books at the end of every month. As of June 30, 2019, the book value of this equipment shown on its balance sheet will be ________.

$8,640

Avia Company sells a product for $150 per unit. Variable costs are $70 per unit, and fixed costs are $1200 per month. The company expects to sell 640 units in September. The unit contribution margin is ________.

$80 per unit

If we know that the length of time it takes a college student to find a parking spot in the library parking lot follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute, find the probability that a randomly selected college student will find a parking spot in the library parking lot in less than 3 minutes.

0.3085

The employees of a company were surveyed on questions regarding their educational background (college degree or no college degree) and marital status (single or married). Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability that an employee of the company is single or has a college degree is:

0.733

Below are the recent monthly unemployment figures for an economy: Persons moving to a new city and seeking work 100,000 Persons out of work because their industry has just been rendered obsolete by technological change 12,000 Persons in all industries laid off due to general economic slowdown 120,000 Persons taking 2 months off from work to pursue education 100,000 Applying the Bureau of Labor Statistics' guidelines for calculating the official unemployment statistics, what is the "natural" level of unemployment for this economy?

212,000

Allstate Moving Company reported the following amounts on its balance sheet as of December 31, 2019 and December 31, 2018: 2019 2018 Cash and Receivables $75,000 $145,000 Merchandise Inventory 175,000 250,000 Property, Plant and Equipment, net 820,000 710,000 Total Assets $1,070,000 $1,105,000 Total Liabilities $455,000 $405,000 For the vertical analysis, what is the percentage of current assets as of December 31, 2019? (Round your answer to two decimal places.)

23.36%

The following are the duration in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier. Relative Time (in Minutes) Frequency 0 but less than 5 0.37 5 but less than 10 0.22 10 but less than 15 0.15 15 but less than 20 0.10 20 but less than 25 0.07 25 but less than 30 0.07 30 or more 0.02 Referring to Scenario 2-5, if 100 calls were randomly sampled, how many calls lasted 15 minutes or longer?

26

Tuscan Bank is required to reserve $20 out of every $100 deposited, and it has $5,000,000 in deposits. What is the current money multiplier?

5

If the telecommunication company sold $10,000,000 of internet service using $50,000 of labor, $25,000 of leased bandwidth, $45,000 service fees, and $80,000 or replacement parts, what is the telecommunication multifactor productivity?

50

The following are the duration in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier. Relative Time (in Minutes) Frequency 0 but less than 5 0.37 5 but less than 10 0.22 10 but less than 15 0.15 15 but less than 20 0.10 20 but less than 25 0.07 25 but less than 30 0.07 30 or more 0.02 Referring to Scenario 2-5, if 1,000 calls were randomly sampled, how many calls lasted under 10 minutes?

590

Thirty-six of the staff of 80 teachers at a local intermediate school are certified in Cardio- Pulmonary Resuscitation (CPR). In 180 days of school, about how many days can we expect that the teacher on bus duty will likely be certified in CPR?

81 days

The effect of a boycott on a firm's demand curve can be depicted as

A leftward shift of the entire curve.

A quality circle is

A team of volunteer production employees and their supervisors who meet regularly to solve quality problems

is the general term for a buying and selling process that is supported by electronic means.

Electronic commerce

Jane enters onto Sam's property to help someone in danger. If Sam charges Jane with trespass to land, Jane has:

a complete defense.

Ollie, an employee of Payroll Management Corporation, is arrested at work. A grand jury issues a formal charge against Ollie for larceny. This charge is:

an indictment.

Mike is arrested at a warehouse in North Industrial Park. A government prosecutor issues a formal charge against Mike for receiving stolen property. This charge is:

an information.

Leo runs an asset recovery business. In one case, he recruits clients by misrepresenting the facts and pretending to be licensed to practice law in Mississippi. He files gratuitous, malicious pleadings, lies to the court, and otherwise abuses the judicial process. Later, he involves himself in other cases in which he uses similar tactics. Under the decision of the court in Baum v. Blue Moon Ventures LLC (2008), Leo's conduct most likely warrants:

an injunction against certain court filings plus other sanctions.

As compared to high self-monitors, low self-monitors ________.

are less likely to emerge as leaders

Colorado Company uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Colorado Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Increase/(Decrease) Accounts Payable $4,000 $6,000 $(2,000) Accrued Liabilities 2,000 1,000 1,000 Long-term Notes Payable 84,000 90,000 (6,000) Total Liabilities $90,000 $97,000 $(7,000) How will the change in Accrued Liabilities be shown on the statement of cash flows?

as an addition to Net Income

For Office Supplies, the category of account and its normal balance is ________.

assets and a debit balance

The Salaries Payable account is a(n) ________.

liability account with a normal credit balance

According to JIT, workers should perform

routine preventive maintenance activities

If the expected value of a sample statistic is equal to the parameter it is estimating, then we call that sample statistic

unbiased.

The Wheeler-Lea Act gives the Federal Trade Commission the power to regulate:

unfair and deceptive acts or practices.