1. What is the preparation of reports for each level of responsibility in the company’s organization chart called? 2. As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead? 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 Closing entries are necessary for __________. 4. A well-designed activity-based costing system starts with __________. 5. Balance sheet accounts are considered to be __________. 6. What effect do current technology changes have on managerial accounting? 7. “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________. 8. Which one of the following is a product cost? 9. 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 _____. 10. The cost principle requires that when assets are acquired, they be recorded at __________. 11. What exists when budgeted costs exceed actual results? 12. 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 __________. 13. Multinational corporations __________. 14. If a price ceiling is a binding constraint on the market, __________. 15. Resources are __________. 16. Without trade, __________. 17. To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________. 18. The price of a good that prevails in a world market is called the 19. Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________. 20. Lekeisha’s income exceeds her expenditures. Lekeisha is a __________. 21. The open-economy macroeconomic model examines the determination of __________. 22. The political business cycle refers to __________. 23. The balance of payment account is made up of: 24. The Federal Reserve will tend to tighten monetary policy when __________. 25. Which of the following statements about GDP is correct? 26. President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct? 27. Which of the following best describes a mental image of a possible and desirable future state of the organization? 28. 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: 29. A manager’s ability to stimulate people to be high performers is referred to as: 30. Teams that work on long-term projects but disband once the work is completed are known as: 31. Which of the following statements does NOT support Total Quality Management? 32. Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity? 33. Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered: 34. An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the: 35. The best way for an employer to find out if a potential employee can do a job is by __________. 36. When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a: 37. Teams that operate separately from the regular work structure and exist temporarily are known as: 38. __________ is the process of working with people and resources to accomplish organizational goals. 39. Which of these refers to the practices aimed at discovering and harnessing an organization’s intellectual resources? 40. To be competitive in a global economy, Europeans must increase their level of: 41. Use the following table to answer question: P(S | W) is approximately _____. 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? 43. Use the following table to answer question: Are Service provider and county independent events? 44. 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? 45. Which of the following statements is true? 46. 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 __________. 47. Companies using lean systems generally have: 48. Theoretically, service capacity must exceed demand, lest queues become infinitely long. If capacity does not exceed demand, what is likely to happen? 49. 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. If we fit a linear trend to data that are growing exponentially __________. 50. Which is not a tool of statistical quality control? 51. Which one of the following statements about managerial inputs to production and staffing plans is best? 52. Networks enable which of the following applications? 53. Fundamental points about network computing in organizations include all of the following except: 54. Which of the following are disadvantages of the buy option for acquiring IS applications? 55. Which of the following is not a source for external data? 56. A set of programs that enable the hardware to process data is _____. 57. Which of the following are not provided by digital dashboards? 58. Computer support is greatest for which of the following problems? 59. Which of the following is not a reason that managers need IT support? 60. International Game Technology’s new ERP system produced all of the following benefits except: 61. The management cockpit best exemplifies which type of system? 62. Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520. Year Net Cash Flow 1 $1,000 2 $1,500 3 $500 63. A stock with a beta greater than 1.0 has returns that are _____ volatile than the market, and a stock with a beta of less than 1.0 exhibits returns which are _____ volatile than those of the market portfolio. 64. The common stockholders are most concerned with: 65. An increase in future value can be caused by an increase in the __________. 66. If the quote for a forward exchange contract is greater than the computed price, the forward contract is: 67. Mortgage bonds: 68. 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. 69. 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.) 70. What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments. 71. Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock? 72. Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period? 73. Bondholders have a priority claim on assets ahead of: 74. Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows: Cost of debt 8% Cost of preferred stock 12% Cost of common stock 16% Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project? 75. __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market. 76. The economists’ view of buyers: 77. When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: 78. The basic objective of the U.S. market-directed economic system is to: 79. “Marketing strategy planning” means: 80. 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. 81. The difference between target marketing and mass marketing is that target marketing: 82. The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called: 83. When looking at demographic dimensions, marketers should: 84. “Positioning”: 85. Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing? 86. A cluster analysis of the “toothpaste market” would probably show that: 87. Overtime pay is required to be paid to nonexempt employees who work: 88. To be guilty of monopolization, the defendant must: 89. Mary arrived at work one day, and her boss said to her, “That’s the ugliest dress I have ever seen. Because you wore that to work today, you are fired.” Assuming that Mary is an at-will employee, which of the following is true? 90. Which of the following is correct about litigating commercial disputes? 91. The tort of palming off involves: 92. An agent’s obligation to perform in accordance with the terms of the agency arrangement is the agent’s duty of: 93. Which of the following terms is not required to be disclosed under the Truth-in-Lending Act? 94. The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is: 95. 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: 96. Generally, which of the following statements relating to contractual capacity is correct? 97. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States. 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. Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

1. What is the preparation of reports for each level of responsibility in the company’s organization chart called?

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

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

Closing entries are necessary for __________.

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

5. Balance sheet accounts are considered to be __________.

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

7. “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

8. Which one of the following is a product cost?

9. 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 _____.

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

11. What exists when budgeted costs exceed actual results?

12. 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 __________.

13. Multinational corporations __________.

14. If a price ceiling is a binding constraint on the market, __________.

15. Resources are __________.

16. Without trade, __________.

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

18. The price of a good that prevails in a world market is called the

19. Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________.

20. Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

21. The open-economy macroeconomic model examines the determination of __________.

22. The political business cycle refers to __________.

23. The balance of payment account is made up of:

24. The Federal Reserve will tend to tighten monetary policy when __________.

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

26. President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct?

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

28. 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:

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

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

31. Which of the following statements does NOT support Total Quality Management?

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

33. Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered:

34. An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:

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

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

37. Teams that operate separately from the regular work structure and exist temporarily are known as:

38. __________ is the process of working with people and resources to accomplish organizational goals.

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

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

41. Use the following table to answer question:

 

P(S | W) is approximately _____.

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?

43. Use the following table to answer question:

Are Service provider and county independent events?

44. 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?

45. Which of the following statements is true?

46. 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 __________.

47. Companies using lean systems generally have:

48. Theoretically, service capacity must exceed demand, lest queues become infinitely long. If capacity does not exceed demand, what is likely to happen?

49. 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.

If we fit a linear trend to data that are growing exponentially __________.

50. Which is not a tool of statistical quality control?

51. Which one of the following statements about managerial inputs to production and staffing plans is best?

52. Networks enable which of the following applications?

53. Fundamental points about network computing in organizations include all of the following except:

54. Which of the following are disadvantages of the buy option for acquiring IS applications?

55. Which of the following is not a source for external data?

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

57. Which of the following are not provided by digital dashboards?

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

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

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

61. The management cockpit best exemplifies which type of system?

62. Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.

Year Net Cash Flow

1 $1,000

2 $1,500

3 $500

63. A stock with a beta greater than 1.0 has returns that are _____ volatile than the market, and a stock with a beta of less than 1.0 exhibits returns which are _____ volatile than those of the market portfolio.

64. The common stockholders are most concerned with:

65. An increase in future value can be caused by an increase in the __________.

66. If the quote for a forward exchange contract is greater than the computed price, the forward contract is:

67. Mortgage bonds:

68. 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.

69. 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.)

70. What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments.

71. Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?

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

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

74. Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows:

Cost of debt 8%

Cost of preferred stock 12%

Cost of common stock 16%

Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?

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

76. The economists’ view of buyers:

77. When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

78. The basic objective of the U.S. market-directed economic system is to:

79. “Marketing strategy planning” means:

80. 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.

81. The difference between target marketing and mass marketing is that target marketing:

82. The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:

83. When looking at demographic dimensions, marketers should:

84. “Positioning”:

85. Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing?

86. A cluster analysis of the “toothpaste market” would probably show that:

87. Overtime pay is required to be paid to nonexempt employees who work:

88. To be guilty of monopolization, the defendant must:

89. Mary arrived at work one day, and her boss said to her, “That’s the ugliest dress I have ever seen. Because you wore that to work today, you are fired.” Assuming that Mary is an at-will employee, which of the following is true?

90. Which of the following is correct about litigating commercial disputes?

91. The tort of palming off involves:

92. An agent’s obligation to perform in accordance with the terms of the agency arrangement is the agent’s duty of:

93. Which of the following terms is not required to be disclosed under the Truth-in-Lending Act?

94. The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is:

95. 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:

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

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

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

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