The western division’s vice president’s salary

BUS 475 Final Exam 5

 

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1) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?

A.   The western division’s vice president’s salary

B.   Factory janitor

C.   Cost of landscaping the corporate office

D.   General corporate liability insurance

 

2) Managerial accounting __________.

A. is concerned with costing products

B. is governed by generally accepted accounting principles

C. pertains to the entity as a whole and is highly aggregated

D. places emphasis on special-purpose information

 

3) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

Income Statement                        Balance Sheet

Dr.              Cr.                      Dr.                   Cr.

Totals    $58,000        $48,000        $34,000        $44,000

The net income (or loss) for the period is __________.

A.   not determinable

B.   $10,000 loss

C.   $10,000 income

D.   $48,000 income

 

4) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

A. Hardware store

B. Farm implement dealership

C. Music store specializing in organ sales

D. Antique shop

 

5) The standards and rules that are recognized as a general guide for financial reporting are called _______.

A. generally accepted accounting principles

B. generally accepted accounting standards

C. standards of financial reporting

D. operating guidelines

 

6) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

A. $6,000

B. $12,000

C. $28,000

D. $18,000

 

7) Balance sheet accounts are considered to be __________.

A. permanent accounts

B. capital accounts

C. nominal accounts

D.  temporary stockholders’ accounts

 

8) Multinational corporations __________.

A. are U.S. companies that sell goods and services in other countries

B. are U.S. companies that trade their securities on the exchanges in other countries

C. are required to use international accounting standards

D. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries

 

9) What effect do current technology changes have on managerial accounting?

A. Increase in product costs

B. Reduction of emphasis on the value chain

C. Reduction of reporting costs of managerial accounting information

D. Creation of the middleman

 

10) The cost principle is the basis for preparing financial statements because it is __________.

A.   the most accurate measure of purchasing power

B.   a conservative value

C.   relevant and objectively measured, and verifiable

D.   an international accounting standard

 

11) Which one of the following items is not generally used in preparing a statement of cash flows?

A.   Additional information

B.   Adjusted trial balance

C.   Comparative balance sheets

D.   Current income statement

 

12) The cost of an asset and its fair market value are __________.

A. the same when the asset is sold

B. never the same

C. irrelevant when the asset is used by the business in its operations

D. the same on the date of acquisition

 

13) One of Astro Company’s activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

A.   $90,000

B.   $150,000

C.   $60,000

D.   $75,000

 

14) A well-designed activity-based costing system starts with __________.

A. computing the activity-based overhead rate

B. assigning manufacturing overhead costs for each activity cost pool to products

C. analyzing the activities performed to manufacture a product

D. identifying the activity-cost pools

 

15) For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________.

A.   plus the cost of tuition, equals the opportunity cost of going to college

B.   should be counted only to the extent that they are more expensive at college than elsewhere

C.   should be counted in full, regardless of the costs of eating and sleeping elsewhere

D.   usually exceed the opportunity cost of going to college

 

16) In computing GDP, market prices are used to value final goods and services because __________.

A. market prices do not change much over time, so it is easy to make comparisons between years

B. market prices reflect the values of goods and services

C. if market prices are out of line with how people value goods, the government sets price ceilings and price floors

D. Market prices are not used in computing GDP

 

17) In economics, the cost of something is __________.

A. often impossible to quantify, even in principle

B. the dollar amount of obtaining it

C. always measured in units of time given up to get it

D. what you give up to get it

 

18) A logical starting point from which the study of international trade begins is __________.

A.  the principle of comparative advantage

B.  the principle of absolute advantage

C.  the recognition that not all markets are competitive

D.  the recognition that government intervention in markets sometimes enhances the economic welfare of the society

 

19) When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.

A.   double the quantity supplied

B.   less than quantity supplied

C.   greater than quantity supplied

D.   equal to quantity supplied

 

20) What you give up to obtain an item is called your __________.

A. direct cost

B. explicit cost

C. opportunity cost

D. true cost

 

21) One characteristic of an oligopoly market structure is:

A. firms in the industry have some degree of market power.

B. the actions of one seller have no impact on the profitability of other sellers.

C. firms in the industry are typically characterized by very diverse product lines.

D. products typically sell at a price that reflects their marginal cost of production.

 

22) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.

A. the monetary policy reaction lag

B. the sacrifice ratio dilemma

C. the time inconsistency of policy

D. inflation targeting

 

23) In general, the longest lag for __________.

A. both fiscal and monetary policy is the time it takes for policy to affect aggregate demand

B. monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand

C. fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand

D. both fiscal and monetary policy is the time it takes to change policy

 

24) The model of short-run economic fluctuations focuses on the price level and __________.

A. real GDP.

B. economic growth.

C. the neutrality of money.

D. All of the above are correct.

 

25) Real GDP __________.

A. evaluates current production at the prices that prevailed in some specific year in the past.

B. is not a valid measure of the economy’s performance, since prices change from year to year.

C. is a measure of the value of goods only; it excludes the value of services.

D. evaluates current production at current prices.

 

26) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?

A.   Only item (2) is included in GDP and it is included in the investment component.

B.   Item (1) is included in the consumption component, while item (2) is included in the investment component.

C.   Item (1) is included in the investment component, while item (2) is included in the consumption component.

D.   Both item (1) and item (2) are included in the consumption component of GDP.

 

27) Which of the following statements about GDP is correct?

A. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.

B. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.

C. GDP is to a nation’s economy as household income is to a household.

D. GDP increases if the total population increases.

 

28) Which of these refers to the practices aimed at discovering and harnessing an organization’s intellectual resources?

A. Knowledge management

B. Innovation

C. Competitiveness

D. Effectiveness

E. Collaboration

 

29) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:

A. Employment

B. Diversity

C. Recruiting

D. Selection

 

30) Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?

A.   behavioral assessment

B.   aptitude tests

C.   integrity evaluations

D.   intelligence tests

E.   work sampling

 

31) When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a:

A. High-price strategy

B. Low-cost strategy

C. Diversification strategy

D. Differentiation strategy

E. High-cost strategy

 

32) Sebastian Stabilio just joined a team of people from throughout his organization whose primary task is to recommend valuable uses for the scrap generated in the manufacturing process. The team meets twice per week; otherwise members work within the usual organizational structure. The team, not permanent, which Sebastian has joined, would be considered a:

A.   Parallel team

B.   Project team

C.   Working group

D.   Work team

E.   Project group

 

33) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):

A. Large corporation

B. Small business

C. Online Business

D. Multinational corporation

E. Entrepreneurship venture

 

34) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called:

A.   Organic

B.   Six Sigma Quality

C.   Mechanistic

D.   ISO 9000

E.   Total quality integration

 

35) ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by:

A. Producing an imitation of the new technology that utilizes lower-quality and lower-cost materials

B. Technology followers are not successful at low-cost strategies

C. Mass-producing products that have an established market niche

D. Making subtle changes to the product, thereby avoiding patent restrictions

E. Learning from the leader thereby avoiding the costs and risks of technology leadership

 

36) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:

A. Planning

B. Organizing

C. Goal Coordination

D. Controlling

E. Staffing

 

37) To be competitive in a global economy, Europeans must increase their level of:

A. Productivity

B. Population density

C. Philanthropic contributions

D. Espionage activity

 

38) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

A. Just-in-time control (JIT)

B. Customer-based integration

C. Computer-integrated manufacturing (CIM)

D. Total quality management

E. ISO 9000

 

39) Teams that work on long-term projects but disband once the work is completed are known as:

A. Management teams

B. Traditional work groups

C. Project and development teams

D. Transnational teams

E. Parallel teams

 

40) The pursuit of lucrative opportunities by enterprising individuals is called:

A. Independence

B. Intrapreneurship

C. Entrepreneurship

D. Business incubating

 

41) The best way for an employer to find out if a potential employee can do a job is by __________.

A.   using a performance simulation test

B.   using the interview process

C.   administering an IQ test

D.   having them spend a day in the office

E.   using a written test

 

42) A poll showed that 48 out of 120 randomly chosen graduates of California medical schools last year intended to specialize in family practice. What is the width of a 90% confidence interval for the proportion that plan to specialize in family practice?

A. ± .00329

B. ± .04472

C. ± .08765

D. ± .07357

 

43) Two events are complementary when __________.

A. the joint probability of the two events is one

B. the sum of their probabilities is one

C. they are mutually exclusive

D. None of these

 

44) From its 32 regions, the Federal Aviation Administration selects 5 regions, and then randomly audits 20 departing commercial flights in each region for compliance with legal fuel and weight requirements. This is __________.

A. judgment sampling

B. stratified random sampling

C. simple random sampling

D. cluster sampling

 

45) Use the following table to answer question:

Are Service provider and county independent events?

A.   Insufficient information to determine

B.   Yes

C.   No

 

 

46) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income.

Assuming b1 is significant, if Income decreases by 1000 we would predict that Crime will __________.

A.   increase by 428

B.   decrease by 50

C.   increase by 500

D.   increase by 50

 

47) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours.

In determining the p-value for reporting the study’s findings, which of the following is true?

A. The p-value is less than .05.

B. The p-value is equal to .05.

C. The p-value is greater than .05.

D. The p-value cannot be determined without specifying α.

 

48) In lean systems, if a defective product is found, which of the following is generally NOT done?

A. The defective unit is passed on to the next workstation.

B. The defective unit is returned to the worker responsible for creating the defect.

C. The production line is made aware of the problem without stopping the line.

D. The production line is stopped.

 

49) Queuing models use an A/B/C notation. What do these variables represent?

A. average time between arrivals/average service time/number of parallel servers

B. maximum time between arrivals/maximum allowable service time/maximum number of parallel servers

C. minimum time between arrivals/minimum allowable service time/minimum number of parallel servers

D. distribution of time between arrivals/distribution of service times/number of parallel servers

 

50) Suppose the estimated quadratic model Yt = 500 + 20 t – t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20).

Which statement is incorrect?

A. Latest year sales are no better than in year zero.

B. Sales are increasing by about 20 units per year.

C. The trend was higher in year 10 than in year 20.

D. The turning point would be in period 10.

 

51) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that:

A.   you would lose $80 if one of your workers missed an entire 8 hour shift.

B.   you can send someone home 6 hours early and still pay them the $60 they would have earned while on the clock.

C.   the next worker that offers to work an extra 8 hours should receive at least $80.

D.   you would be willing pay up to $60 for someone to work another 6 hours.

 

52) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571.

Which conclusion is not correct?

A.  The absolute annual growth (in dollars per share) is increasing.

B.  Few investments could match the astounding growth rate.

C.  The stock’s true intrinsic value is $4.12.

D.  At the end of year 3 the stock price would be nearly $80.

 

53) The Global, Web-Based Platform enables individuals to do which of the following?

A. at the end of year 3 the stock price would be nearly $80

B. the absolute annual growth (in dollars per share) is increasing

C. few investments could match the astounding growth rate

D. the stock’s true intrinsic value is $4.12

 

54) A set of programs that enable the hardware to process data is _____.

A.   procedures

B.   database

C.   software

D.   network

E.   hardware

 

55) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by information.

A. nationalization

B. business environment

C. regionalization

D. globalization

 

56) What is _____ is not necessarily _____.

A.   Ethical, legal

B.   Unethical, illegal

C.   Ethical, illegal

D.   Unethical, legal

E.   Illegal, unethical

 

57) Which of the following is not a source for external data?

A. commercial databases

B. corporate databases

C. sensors

D.  satellites

E. government reports

 

58) The management cockpit best exemplifies which type of system?

A.   Group decision support system

B.   Functional area information system

C.   Digital dashboard

D.   Expert system

E.   Decision support system

 

59) _____ provides users with a view of what is happening, where _____ addresses why it is happening.

A.   Multidimensional data analysis, data mining

B.   Multidimensional data analysis, neural networks

C.   Data mining, expert system

D.   Data mining, multidimensional data analysis

E.   Multidimensional data analysis, structured query language

 

60) International Game Technology’s new ERP system produced all of the following benefits except:

A. Company was able to maintain its original business processes

B. ERP system connected the company’s global operations

C. The company gained flexibility in manufacturing products

D. Operations employees were able to access manufacturing process details at their workstations

E. Integrated the company’s business functions

 

61) Which of the following is not a reason that managers need IT support?

A.   Decisions are becoming more complex

B.   Decision makers are often in different locations

C.   Decisions must typically be made under time pressure

D.   Need to access remote information sources

E.   Number of alternatives are decreasing

 

62) Credit card companies would most likely use which of the following to check for fraudulent credit card use?

A. Data mining

B. Expert systems

C. Neural networks

D. Multidimensional data analysis

E. Structured query language

 

63) Exchange rate risk:

A. applies only to certain types of domestic businesses.

B. has been phased out due to recent international legislation.

C. doesn’t affect trades made in US Dollars.

D. arises from the fact that the spot exchange rate on a future date is a random variable.

 

64) PepsiCo calculates unlevered betas for each peer group in order to:

A. eliminate competitive factors.

B. eliminate judgment factors.

C. eliminate different financial risks.

D. eliminate different business risks.

 

65) At 8% compounded annually, how long will it take $750 to double?

A. 48 months

B. 6.5 years

C. 9 years

D. 12 years

 

66) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share?

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