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Questions
Q:
The primary objective of financial accounting is:
A.To serve the decision-making needs of internal users.
B.To provide financial statements to help external users analyze an organization's activities.
C.To monitor and control company activities.
D.To provide information on both the costs and benefits of looking after products and services.
E.To know what, when, and how much to produce.
Q:
The perfectly competitive firmʹs total revenue curveA) is linear and upward sloping. B) has a constant slope. C) has a positive slope. D) all of the above
Q:
Technology
A.Has replaced accounting.
B.Has not changed the work that accountants do.
C.Has closely linked accounting with consulting, planning, and other financial services.
D.In accounting has replaced the need for decision makers.
E.In accounting is only available to large corporations.
Q:
Total OutputTotal Costs0$101182213234245266297338389441051In the above table, when output is 8 units, average variable costs areA) $4.75. B) $3.50. C) $1.25. D) $4.50.
Q:
Accounting is an information and measurement system that:
A.Identifies business activities.
B.Records business activities.
C.Communicates business activities.
D.Helps people make better decisions.
E.All of these.
Q:
The theory that there is no predictable trends in securities prices is theA) opportunity cost of capital. B) random walk theory. C) capital reinvestment. D) present value.
Q:
Mary and Jane are partners in a business. Their business is growing but has not yet reached the point where they can afford a new delivery truck. Jane owns an old truck that she has not been using. She decides to donate it to their business for free.
A) This transaction (donation) involves no economic cost.
B) This transaction involves both economic cost and accounting cost.
C) This transaction involves economic cost but no accounting cost.
D) This transaction involves no economic cost and no accounting cost.
Q:
Chuck Taylor withdrew $6,000 in cash from FastForward. This amount should be included as an expense on the income statement.
Q:
CombinationGood AGood BA174B135C106D87Refer to the above table. The table gives the various combinations of Good A and Good B along Janeʹs indifference curve. The marginal rate of substitution when Jane goes from combination B to combination C isA) 4:1. B) 3:1. C) 2:1. D) 0.
Q:
Chuck Taylor invested $175,000 cash in FastForward. This amount would be reported in the statement of cash flows under financing activities.
Q:
The statement of cash flows reports on cash flows separated into operating, investing, and financing activities over a period of time.
Q:
If a person claims, ʺI wouldnʹt eat liver if you paid me,ʺ we can assume that his marginal utility of liver isA) positive. B) positive, but decreasing. C) zero. D) negative.
Q:
The income statement reports on operating activities at a point in time.
Q:
If the cross price elasticity of demand between Los Angeles Lakers professional basketball tickets and Los Angeles Dodgers professional baseball tickets is positive, then the two goods areA) substitutes. B) unrelated. C) complements. D) not related.
Q:
The purchase of supplies appears on the statement of cash flows as an investing activity because it involves the purchase of assets.
Q:
The quantity of raspberries sold at a local store increases from 100 pints to 1,500 pints when the price is reduced from $4.00 to $1.00. In this situation, the absolute price elasticity of demand for raspberries is approximatelyA) 0.69.B) 6.7. C) 1.46.D) 4.3.
Q:
Operating activities include long-term borrowing and repaying cash from lenders, and cash investments or withdrawals by the owner.
Q:
The marginal cost curve of pollution abatementA) slopes upward because of the law of diminishing product. B) slopes upward because firms will maximize profits.C) slopes downward because of the law of diminishing marginal utility. D) slopes downward because of the law of diminishing returns.
Q:
Investing activities involve the buying and selling of assets such as land and equipment that are held for long-term use in the business.
Q:
The income transfers that a person receives from Social SecurityA) is not related to the amount that they have contributed. B) is a yearly proportion of the amount contributed.C) is the same for everyone whether they contributed to the system or not. D) depends entirely on the amount received from private pensions.
Q:
When workers are paid a wage that is less than their contribution to a monopsonistʹs revenues, A) this is sometimes referred to monopsonistic exploitation.B) this is sometimes referred to as an incentive. C) they seek part time employment.D) they file a grievance with their union representative.
Q:
Owner's contributions and withdrawals are reported on the income statement.
Q:
The balance sheet is based on the accounting equation.
Q:
The Taft-Hartley ActA) permits states to outlaw unions.B) permits states to pass right-to-work laws.C) encourages unions to engage in sympathy strikes.D) encourages unions to engage in secondary boycotts.
Q:
The first section of the income statement reports cash from operations.
Q:
At a perfectly competitive firm, all of the following is true of the MRP curve EXCEPT A) the MRP curve is the derived supply of labor.B) the MRP curve shifts leftward when labor productivity falls. C) the MRP curve shifts rightward when the product price rises.D) the MRP curve shifts leftward when the demand for the final product falls.
Q:
The income statement shows the financial position of a business on a specific date.
Q:
When regulators identify with the special interests of the industry they regulate, this behavior conforms with theA) share-the-gains, share-the-pains hypothesis. B) rate-of-return hypothesis.C) lemon market hypothesis.D) capture hypothesis.
Q:
The statement of cash flows shows the net effect of revenues and expenses for a reporting period.
Q:
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) and two product formats (A and B) in an industry. A possible outcome of the dominant strategy is:A) Both firm X and firm Y would be willing to choose product format A.B) Neither firm X nor firm Y would be willing to choose product format B simultaneously.C) Firm X chooses product format A while firm Y chooses product format B. D) Firm X chooses product format B while firm Y chooses product format A.
Q:
The income statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.
Q:
In oligopoly, any action by one firm to change price, output, or quality causesA) a reaction by other firms. B) no reaction from the other firms.C) a profit gain for the other firms. D) loss of market share by the acting firm.
Q:
A balance sheet covers a period of time such as a month or year.
Q:
A market situation in which a large number of firms produce similar but not identical products is calledA) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.
Q:
An income statement reports on investing and financing activities.
Q:
According to the above figure, the profit maximizing price -output combination for the monopolist is a price ofA) 50 cents and an output of 40,000 newspapers per day. B) 30 cents and an output of 30,000 newspapers per day. C) 60 cents and an output of 30,000 newspapers per day. D) 45 cents and an output of 45,000 newspapers per day.
Q:
The four basic financial statements include the balance sheet, income statement, statement of owner's equity, and statement of cash flows.
Q:
A decreasing-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping demand curve in the long run.
D) a downward sloping supply curve in the long run.
Q:
U. S. Government Treasury bonds provide high return and low risk to investors.
Q:
Total revenuesA) are defined as the quantity sold divided by price.B) are not the same as total receipts from the sale of output. C) equal gross revenues minus all expenses of the firm.D) equal the price per unit times the total quantity sold.
Q:
The _______________________ identifies cash inflows and outflows over a period of time.
Q:
Total OutputTotal Costs0$101182213234245266297338389441051In the above table, total fixed costs areA) $10.00. B) $5.00. C) $8.00. D) $18.00.
Q:
Generally the lower the risk, the lower the return that can be expected.
Q:
According to the random walk theory,A) the probability that a stockʹs price will increase tomorrow is greater if it increased today.B) the probability that a stockʹs price will increase tomorrow is greater if it decreased today. C) the best forecast of tomorrowʹs price is todayʹs price.D) the best forecast of tomorrowʹs price is found by determining the trend for the last five trading days.
Q:
The _________________ reports on changes in equity over the reporting period.
Q:
The difference between explicit costs and implicit costsA) is that explicit costs are opportunity costs while implicit costs are not.B) is that implicit costs are opportunity costs while explicit costs are not.C) is that explicit costs are short-run costs and implicit costs are long-run costs.D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.
Q:
What is the importance of follow-up communications and procedures in international business negotiations, and what are some ways to manage this?
Q:
CombinationGood AGood BA174B135C106D87Refer to the above table. The table gives the various combinations of Good A and Good B along Janeʹs indifference curve. The marginal rate of substitution when Jane goes from combination A to combination B isA) 4:1. B) 3:1. C) 2:1. D) 0.
Q:
Risk is the amount of uncertainty about the return we expect to earn.
Q:
List the seven aspects of the negotiation setting that must be manipulated ahead of time, if possible.
Q:
If a dinner guest is serious when claiming he just could not get enough of your lasagna and that the more he ate the more he wanted, you would conclude that for him the marginal utility of lasagna wasA) increasing. B) decreasing. C) zero. D) constant.
Q:
The _________________________ describes a company's financial position and types and amounts of assets, liabilities, and equity at a point in time.
Q:
Name three reasons why team work is particularly important for American negotiators.
Q:
Return on assets measures the effectiveness of an organization's ability to generate profit using its assets.
Q:
When two goods are substitutes for each other, the cross price elasticity of demandA) will be negative. B) will be zero.C) may be either positive or negative. D) will be positive.
Q:
Name three traits that are important when selecting international business negotiators, and explain why how these traits may increase the chances for success.
Q:
The ____________________ describes a company's revenues and expenses over a period of time due to earnings activities.
Q:
Suppose the demand for frozen yogurt cones increases from 400 to 425 cones a day when the price is reduced from $1.50 to $1.25. In this situation, the elasticity of demand, calculated using the average method, isA) 3. B) 1. C) 0.33. D) 1.33.
Q:
How should American businesspeople approach the decision-making process in negotiations with their Asian counterparts? What are the important signals of progress in a business negotiation?
Q:
Reebok's net income of $117 million and average assets of $1,400 million results in a return on assets of 8.36%.
Q:
Suppose people value clean air more as their incomes increase, then
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality.
B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality
C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality
D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality
Q:
Compare and contrast approaches to complex negotiation tasks between Westerners and Asians.
Q:
________________________________ reports changes in the owner's claim on the business's assets over a period of time.
Q:
Social Security is
A) an insurance program operated by the federal government.
B) a retirement program that invests the personʹs contributions into interest -earning financial assets so the proceeds can fund the personʹs retirement.
C) a social insurance program that guarantees that an elderly person will never fall below the poverty level.
D) an intergenerational transfer program that only vaguely relates to past earnings.
Q:
Give a brief description of the styles of negotiation of the Japanese, the Koreans, and the French.
Q:
Return on assets is useful to decision makers for evaluating management, analyzing and forecasting profits, and in planning activities.
Q:
What are the four kinds of problems caused by cultural differences in international business negotiations? Give examples of how misunderstandings could occur for each one.
Q:
Monopsonistic exploitation refers toA) the payment to the resource equal to MFC.B) the payment to a resource less than MRP. C) the payment to a resource equal to MRP. D) the payment to a resource above MRP.
Q:
Explain the meaning of this sentence: Negotiations are not conducted between national stereotypes.
Q:
Risk is the _________________ about the return an investor expects to earn.
Q:
A closed shop is one in whichA) a union is prohibited.B) some members belong to the union while others do not. C) belonging to a union is a condition of employment.D) the union is a co-manager of the day-to-day operations of the firm.
Q:
What step should be taken once negotiators have "gotten to yes" in order to generate new ideas and improve the business relationship?
A) change the provisions of the signed contract.
B) conduct a formal signing ceremony.
C) schedule a review of the agreement.
D) maintain a flow of communication through letters.
E) push for signing of the next business deal.
Q:
Return on assets is also known as return on investment.
Q:
An increase in labor productivity will shiftA) MRP curve to the left. B) MRP curve to the left. C) MRP curve to the right. D) MFC curve to the left.
Q:
What is one of the two obstacles to inventive negotiation techniques for Japanese negotiators?
A) individualism
B) civility
C) frankness
D) hierarchy
E) relative integration
Q:
Return on assets = ______________ divided by average total assets.
Q:
The theory of regulatory behavior that suggests that regulators must consider the demands of legislators, consumers, and members of the regulated agency is calledA) the capture theory.B) share-the-gains, share-the-pains theory. C) the natural theory.D) the creative theory.
Q:
In business negotiations, the most powerful persuasive tactic is to
A) provide more promises and recommendations.
B) enforce more punishments and use more commands.
C) use more self-disclosures.
D) ask more questions.
E) offer more rewards and normative appeals.
Q:
Return on assets is often stated in ratio form as the amount of average total assets divided by income.
Q:
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) and two product formats (A and B) in an industry. The game with the dominant strategy is also called:A) Battle of the Sexes. B) Tit-for-Tat.C) Tweedle Dee-Tweedle Dum. D) the prisonersʹ dilemma.