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1. The cost principle requires that when assets are acquired, they be recorded at __________. 2. Which one of the following items is not generally used in preparing a statement of cash flows? 3. Multinational corporations __________. 4. What effect do current technology changes have on managerial accounting? 5. 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? 6. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____. 7. The cost principle is the basis for preparing financial statements because it is __________. 8. The standards and rules that are recognized as a general guide for financial reporting are called __________. 9. What is value chain management best defined as? 10. 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 __________. 11. The first step in activity-based costing is to __________. 12. The conceptual framework developed by the Financial Accounting Standards Board __________. 13. The cost of an asset and its fair market value are __________. 14. If a company reports a net loss, it __________. 15. A logical starting point from which the study of international trade begins is __________. 16. To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________. 17. There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________. 18. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________. 19. Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________. 20. In economics, the cost of something is __________. 21. Game theory is important for the understanding of __________. 22. The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the: 23. The Federal Open Market Committee __________. 24. Over the past two decades, the United States has __________. 25. Most economists use the aggregate demand and aggregate supply model primarily to analyze __________. 26. Which of the following statements about GDP is correct? 27. In the market for foreign-currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________. 28. 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: 29. The most dominant areas in the global economy include: 30. Which of the following best describes a mental image of a possible and desirable future state of the organization? 31. 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: 32. Which of these represent skills that managers need? 33. To be competitive in a global economy, Europeans must increase their level of: 34. 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: 35. The basic components of an effective sexual harassment policy include the following EXCEPT: 36. A manager’s ability to stimulate people to be high performers is referred to as: 37. Teams that work on long-term projects but disband once the work is completed are known as: 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: 39. Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain: 40. Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true? 41. Having individuals actually do the job they are applying for as a test to see if they can do it is __________. 42. In a right-tail test, a statistician came up with a z test statistic of 1.469. What is the p-value? 43. To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________. 44. William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income. Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with Y = number of robberies in each city (thousands of robberies) and X = size of police force in each city (thousands of police)? 45. Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, which measure of central tendency is least representative of the “typical” student? 46. 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? 47. Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder. Which sampling method is this? 48. In an activity-on-node [AON] network, the nodes represent ____________, whereas the arcs represent ____________. 49. Companies using lean systems generally have: 50. The one-worker, multiple machines approach functions as: 51. Which one of the following statements concerning production and staffing plans is best? 52. Likely reasons for inaccurate control limits would include which of the following? 53. The Global, Web-Based Platform enables individuals to do which of the following? 54. Which of the following statements is correct? 55. Success in the _____ phase of the decision making process results in resolving the original problem, and failure leads to a return to previous phases. 56. _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by information. 57. The force behind globalization in _____ was the amount of muscle, horsepower, wind power, or steam power that a country could deploy. 58. _____ is the efficient and effective execution of specific tasks. 59. Which of the following is not a reason that managers need IT support? 60. __________ integrate the planning, management, and use of all of an organization’s resources, and are designed to tightly integrate the functional areas of the organization. 61. Computer support is greatest for which of the following problems? 62. _____ provides users with a view of what is happening, where _____ addresses why it is happening. 63. PepsiCo calculates unlevered betas for each peer group in order to: 64. Disadvantages of using current liabilities as opposed to long-term debt include: 65. A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.) 66. Which of the following best represents operating income? 67. Forward rates are quoted: 68. Suppose you determine that the NPV of a project is $1,525,855. What does that mean? 69. You hold a portfolio with the following securities: Security Percent of Portfolio Beta Return X Corporation 20% 1.35 14% Y Corporation 35% .95 10% Z Corporation 45% .75 8% Compute the expected return and beta for the portfolio. 70. Bondholders have a priority claim on assets ahead of: 71. Which of the following is most consistent with the hedging principle in working capital management? 72. At 8% compounded annually, how long will it take $750 to double? 73. Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period? 74. At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years? 75. Which of the following best represents the stream of income that is available to common stockholders? 76. __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market. 77. The clustering techniques that can be used in segmenting: 78. The economists’ view of buyers: 79. Marketing: 80. In comparison to the buying of final consumers, the purchasing of organizational buyers: 81. A firm’s “marketing mix” decision areas would NOT include: 82. Regarding organizational buying, the people who have the power to select or approve the supplier–especially for larger purchases–are called: 83. Clustering techniques applied to segmenting markets __________. 84. “Positioning”: 85. When evaluating macro-marketing: 86. In an effort to increase its total sales, Champion has started exporting its spark plugs for use by several German auto producers. Champion is pursuing a _____ opportunity. 87. Which of the following is a business or organizational customer? 88. In which of the following are these steps of a criminal case listed in the correct order? 89. Minimum wages, hours of employment, and child labor are regulated by the: 90. In a criminal proceeding, what is the difference between an indictment and an information? 91. Under Section 2 of the Sherman Act, rather than making a presumption whether monopoly power exists, the courts will examine all the facts and circumstances to determine whether monopoly power exists when the defendant holds between _____ percent and _____ percent of the relevant market: 92. Which of the following is true about the power of administrative agencies to grant licenses? 93. The Houston-based energy company that filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America was: 94. Generally, which of the following statements relating to contractual capacity is correct? 95. Which of the following is correct with regard to the relationship between law and ethics? 96. Which of the following is true about “proof of claims?” 97. Which of the following is true about trademark registration? 98. Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner. 99. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. 100. Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

1. The cost principle requires that when assets are acquired, they be recorded at __________.

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

3. Multinational corporations __________.

4. What effect do current technology changes have on managerial accounting?

5. 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?

6. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

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

8. The standards and rules that are recognized as a general guide for financial reporting are called __________.

9. What is value chain management best defined as?

10. 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 __________.

11. The first step in activity-based costing is to __________.

12. The conceptual framework developed by the Financial Accounting Standards Board __________.

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

14. If a company reports a net loss, it __________.

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

16. To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.

17. There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.

18. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.

19. Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________.

20. In economics, the cost of something is __________.

21. Game theory is important for the understanding of __________.

22. The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the:

23. The Federal Open Market Committee __________.

24. Over the past two decades, the United States has __________.

25. Most economists use the aggregate demand and aggregate supply model primarily to analyze __________.

26. Which of the following statements about GDP is correct?

27. In the market for foreign-currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________.

28. 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:

29. The most dominant areas in the global economy include:

30. Which of the following best describes a mental image of a possible and desirable future state of the organization?

31. 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:

32. Which of these represent skills that managers need?

33. To be competitive in a global economy, Europeans must increase their level of:

34. 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:

35. The basic components of an effective sexual harassment policy include the following EXCEPT:

36. A manager’s ability to stimulate people to be high performers is referred to as:

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

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:

39. Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain:

40. Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true?

41. Having individuals actually do the job they are applying for as a test to see if they can do it is __________.

42. In a right-tail test, a statistician came up with a z test statistic of 1.469. What is the p-value?

43. To estimate the average annual expenses of students on books and class materials a sample of size 36 is taken. The average is $850 and the standard deviation is $54. A 99% confidence interval for the population mean is __________.

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

Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with

Y = number of robberies in each city (thousands of robberies) and

X = size of police force in each city (thousands of police)?

45. Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.

For this sample, which measure of central tendency is least representative of the “typical” student?

46. 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?

47. Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder. Which sampling method is this?

48. In an activity-on-node [AON] network, the nodes represent ____________, whereas the arcs represent ____________.

49. Companies using lean systems generally have:

50. The one-worker, multiple machines approach functions as:

51. Which one of the following statements concerning production and staffing plans is best?

52. Likely reasons for inaccurate control limits would include which of the following?

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

54. Which of the following statements is correct?

55. Success in the _____ phase of the decision making process results in resolving the original problem, and failure leads to a return to previous phases.

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

57. The force behind globalization in _____ was the amount of muscle, horsepower, wind power, or steam power that a country could deploy.

58. _____ is the efficient and effective execution of specific tasks.

59. Which of the following is not a reason that managers need IT support?

60. __________ integrate the planning, management, and use of all of an organization’s resources, and are designed to tightly integrate the functional areas of the organization.

61. Computer support is greatest for which of the following problems?

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

63. PepsiCo calculates unlevered betas for each peer group in order to:

64. Disadvantages of using current liabilities as opposed to long-term debt include:

65. A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest $10.)

66. Which of the following best represents operating income?

67. Forward rates are quoted:

68. Suppose you determine that the NPV of a project is $1,525,855. What does that mean?

69. You hold a portfolio with the following securities:

Security Percent of Portfolio Beta Return

X Corporation 20% 1.35 14%

Y Corporation 35% .95 10%

Z Corporation 45% .75 8%

Compute the expected return and beta for the portfolio.

70. Bondholders have a priority claim on assets ahead of:

71. Which of the following is most consistent with the hedging principle in working capital management?

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

73. Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period?

74. At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years?

75. Which of the following best represents the stream of income that is available to common stockholders?

76. __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

77. The clustering techniques that can be used in segmenting:

78. The economists’ view of buyers:

79. Marketing:

80. In comparison to the buying of final consumers, the purchasing of organizational buyers:

81. A firm’s “marketing mix” decision areas would NOT include:

82. Regarding organizational buying, the people who have the power to select or approve the supplier–especially for larger purchases–are called:

83. Clustering techniques applied to segmenting markets __________.

84. “Positioning”:

85. When evaluating macro-marketing:

86. In an effort to increase its total sales, Champion has started exporting its spark plugs for use by several German auto producers. Champion is pursuing a _____ opportunity.

87. Which of the following is a business or organizational customer?

88. In which of the following are these steps of a criminal case listed in the correct order?

89. Minimum wages, hours of employment, and child labor are regulated by the:

90. In a criminal proceeding, what is the difference between an indictment and an information?

91. Under Section 2 of the Sherman Act, rather than making a presumption whether monopoly power exists, the courts will examine all the facts and circumstances to determine whether monopoly power exists when the defendant holds between _____ percent and _____ percent of the relevant market:

92. Which of the following is true about the power of administrative agencies to grant licenses?

93. The Houston-based energy company that filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America was:

94. Generally, which of the following statements relating to contractual capacity is correct?

95. Which of the following is correct with regard to the relationship between law and ethics?

96. Which of the following is true about “proof of claims?”

97. Which of the following is true about trademark registration?

98. Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

99. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

100. Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

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