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Questions
Q:
Match the following terms with the appropriate definition.1)Social responsibility 2)Internal users 3)Operating activities 4)Financing activities 5)Investing activities 6)Accounting 7)Ethics 8)Recordkeeping 9)External users A)The acquisition and disposing of resources that an organization uses to acquire and sell products and services.B)Beliefs that distinguish right from wrong.C)The part of accounting that involves recording transactions and events, either electronically or manually.D)Persons using accounting information who are directly involved in managing the organization.E)An information and measurement system that identifies, records and communicates relevant reliable and comparable information about an organization's business activities.F)Provide the means organizations use to pay for resources such as land, buildings, and equipment to carry out plans.G)Concern for the impact of actions on society.H)The use of resources to research, develop, purchase, produce, distribute, and market products and services.I)Persons using accounting information who are not directly involved in the running of the organization.
Q:
Most expatriate failures are caused by the lack of
A) management skills.
B) technical skills.
C) an understanding of cultural differences.
D) knowledge of the product line.
E) knowledge of the company.
Q:
If the price elasticity of demand for good A is -1, then a 1% increase inA) consumer income will result in a 1% decrease in the demand for good A.B) consumer income will result in a 1% increase in the demand for good A.C) the market price of good A will result in a 1% increase in the quantity demanded of good A .D) the market price of good A will result in a 1% decrease in the quantity demanded of good A .
Q:
A company reported total equity of $145,000 on its December 31, 2008 balance sheet. The following information is available for the year ended December 31, 2009: What are the total assets of the company at December 31, 2009?
A.$45,000.
B.$92,000.
C.$98,000.
D.$210,000.
E.$282,000.
Q:
Which factor significantly differentiates companies with the least amount of returnee attrition from those with the highest attrition?
A) specialized expatriate department
B) personal career planning for expatriates
C) continued cultural training
D) protection from work councils
E) family migration planning
Q:
The optimal amount of pollution is not zero becauseA) it has been found that pollution in moderate amounts actually has positive benefits.B) there are no benefits to anyone from having zero pollution. C) zero pollution would be too costly.D) we donʹt have the political structure that could accomplish the goal.
Q:
A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owner's equity?
A.$17,000.
B.$29,000.
C.$71,000.
D.$88,000.
E.$105,000.
Q:
What is likely the single most important reason for expatriate dissatisfaction?
A) unsuccessful family adjustment
B) cultural conflict in the foreign country
C) noncooperation of foreign colleagues
D) communication issues with home-country headquarters
E) redundant skills in a foreign country
Q:
Fees earned (but not yet received in cash) by a business in exchange for services it provided appear on which of the following statements?
A.Balance sheet.
B.Income statement.
C.Statement of owner's equity.
D.Statement of cash flows.
E.Both A and B.
Q:
The purpose of the Supplemental Security Income program is
A) to provide a minimum income for all households with children.
B) to provide a guaranteed minimum income for all Americans.
C) to provide a minimum income for the aged, blind, and the disabled.
D) to supplement Social Security for the elderly with medical problems.
Q:
When Sandra was offered a transfer to the London office from New York, she worried that she would miss out on opportunities in the New York office when she returned because she hadn't been there. This is a common problem with
A) conflict of interests.
B) acculturation.
C) skill redundancy.
D) repatriation.
E) assimilation.
Q:
Rent expense that is paid with cash appears on which of the following statements?
A.Balance sheet.
B.Income statement.
C.Statement of owner's equity.
D.Statement of cash flows.
E.Both B and D.
Q:
When there is only one buyer in a market, there is aA) buyerʹs monopoly. B) monopoly.C) monopsony. D) buyerʹs cooperative.
Q:
Qualified and ambitious sales personnel refuse to take up foreign assignments for fear of hampering their career development. This "out of sight, out of mind" fear is most closely linked to the problems of
A) conflict of interests.
B) acculturation.
C) skill redundancy.
D) naturalization.
E) repatriation.
Q:
Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000 and investments by owners of $6,000. Its ending equity is:
A.$223,000.
B.$240,000.
C.$268,000.
D.$274,000.
E.$208,000.
Q:
A closed shop is a business enterprise in whichA) employees cannot belong to a union when they are employed, and cannot join a union and keep working there.B) employees must join the union to maintain employment.C) employees must belong to the union before they can be employed.D) employees cannot belong to the union when they are hired, but may join the union laterand keep their jobs.
Q:
The primary control tool used by American sales managers with sales representatives is the
A) encumbrance system.
B) quota system.
C) incentive system.
D) attraction of a foreign assignment.
E) threat of foreign postings.
Q:
What practice, with respect to motivating sales personnel, is most common in relationship-oriented countries like Japan?
A) Companies lay greater emphasis on incentives that are based on individual performance.
B) Companies do not allow local managers to decide the mix between base and incentive pay.
C) Commissions are measured by sales revenues generated by each employee.
D) Companies are not very tolerant of poor performers and fire them immediately.
E) Companies motivate sales representatives through frequent interaction with supervisors.
Q:
Flash had cash inflows from operations $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:
A.$40,500 increase.
B.$40,500 decrease.
C.$134,500 decrease.
D.$134,000 increase.
E.$9,500 increase.
Q:
The demands for labor and other input factors are calledA) derived demands, because the demand for these inputs depends on the demand for goods and services they are employed to produce.B) developed demands, because the demand for these inputs is developed from an analysis of the costs of advertising products.C) indirect demands, because the demand for these inputs is indirectly related to the costs of advertising products.D) reverse demands, because the demand for these inputs varies inversely with the demand for goods and services they are employed to produce.
Q:
A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n):
A.Revenue activity.
B.Operating activity.
C.Expense activity.
D.Investing activity.
E.Financing activity.
Q:
The costs of regulationA) include increased taxes and increased prices of the products being regulated. B) are paid entirely by the regulated industries.C) are more than covered by the benefits gained from the regulation. D) are relatively small.
Q:
Unlike the Japanese, the American sales managers have less need to worry about the problem of motivating poor performers. What is the reason for this?
A) The group incentive system balances pay differences and thus is motivating enough.
B) Companies are more focused on long-term loyalty and are willing to compromise on performance initially.
C) Sales personnel are shifted to areas where their performance levels can meet expectations.
D) The base pay that is higher than their performance based incentive motivates them.
E) The team usually does not have any low performers as they either quit or are fired.
Q:
A company acquires equipment for $75,000 cash. This represents a(n)
A.Operating activity.
B.Investing activity.
C.Financing activity.
D.Revenue activity.
E.Expense activity.
Q:
What strategy should be practiced when determining compensation globally?
A) A similar framework should be created for jobs with different responsibilities.
B) The support of senior sales executives should not be sought before taking action.
C) Local managers should not decide the mix between base and incentive pay.
D) Consistent communication and training themes should be used worldwide.
E) The incentive plan should be designed centrally and dictated to local offices.
Q:
Beta videocassettes had the highest degree of product compatibility with A) VHS videocassettes. B) audiocassettes. C) videocassette players. D) CD players.
Q:
A survey showed that most companies establish sales compensation practices locally (either at the country or regional levels). The program element most often determined at the global level is
A) Program Design Principles.
B) Pay Mix.
C) Job Grades.
D) Formula Mechanics.
E) Performance Measures.
Q:
Determine the net income of a company for which the following information is available for the month of May. A.$190,000.
B.$210,000.
C.$230,000.
D.$400,000.
E.$610,000.
Q:
An information product typically hasA) high total fixed costs and high marginal costs. B) low total fixed costs and low marginal costs. C) low total fixed costs and high marginal costs. D) high total fixed costs and low marginal costs.
Q:
What is actively involved in setting rules about compensation companywide in Europe?
A) pension committees
B) work councils
C) external labor unions
D) the European Union
E) the World Trade Organization
Q:
Which of the following is most likely to be a monopolistically competitive firm?A) Smart phone producer B) Cell phone service providerC) College textbook publisher D) Computer software maker
Q:
Use the following information as of December 31 to determine equity. A.$57,000.
B.$141,000.
C.$297,000.
D.$438,000.
E.$579,000.
Q:
Claudia is being transferred to a foreign assignment that will last 3 months. Her family is not accompanying her, so the company is paying her a premium, which is called a
A) fringe benefit.
B) pension plan.
C) displacement reserve.
D) special assessment.
E) separation allowance.
Q:
The income statement reports all of the following except:
A.Revenues earned by a business.
B.Expenses incurred by a business.
C.Assets owned by a business.
D.Net income or loss earned by a business.
E.The time period over which the earnings occurred.
Q:
Which of the following statements concerning a monopolist is FALSE?A) A monopolist will produce at which MR = MC.B) For a monopolist, marginal revenue is less than price.C) A monopolist will charge the highest price at which any individual will purchase the product.D) A monopolist will shut down if price is less than average variable cost.
Q:
Nontaxable perks such as a company vehicle given to an expatriate is an example of
A) an overseas premium.
B) a family compensation.
C) a special assessment.
D) a fringe benefit.
E) a separation allowance.
Q:
Accounts payable appear on which of the following statements?
A.Balance sheet.
B.Income statement.
C.Statement of owner's equity.
D.Statement of cash flows.
E.Transaction statement.
Q:
An industry in which an increase in output leads to a reduction in long -run per-unit costs is a(n)A) increasing-cost industry. B) constant-cost industry.C) break-even cost industry.D) decreasing-cost industry.
Q:
What is the main reason for the failure of individual incentives to motivate employees in Japan?
A) society's emphasis on paternalism and collectivism
B) high corruption levels
C) practice of cultural chauvinism
D) a democratic form of government
E) encouragement of individualism
Q:
Cash investments by owners are listed on which of the following statements?
A.Balance sheet.
B.Income statement.
C.Statement of owner's equity.
D.Statement of cash flows.
E.Both C and D.
Q:
We assume that firms, when they are deciding the best rate of output at which to produce, A) try to get the highest price possible. B) want to maximize sales.C) want to minimize costs. D) want to maximize profits.
Q:
Considering the specific characteristics of Japan's culture, what strategies would be most successful in motivating employees in Japanese organizations?
A) individual commission systems
B) group bonus systems
C) company cars
D) birthday gift vouchers
E) best employee awards
Q:
Use the above figure. The AVC at output 5 isA) $35.00. B) $2.00. C) $3.00. D) $5.00.
Q:
The financial statement that shows the beginning balance of owner's equity; the changes in equity that resulted from new investments by the owner, net income (or net loss); withdrawals; and the ending balance, is the:
A.Statement of financial position.
B.Statement of cash flows.
C.Balance sheet.
D.Income statement.
E.Statement of owner's equity.
Q:
Japanese and American salespersons are surprisingly similar except for one difference that Japanese rate as more important than their American counterparts. Identify this difference.
A) job security
B) promotion
C) job satisfaction
D) social recognition
E) personal growth and development
Q:
The financial statement that describes where a company's cash came from and where it went during the period is the:
A.Statement of financial position.
B.Statement of cash flows.
C.Balance sheet.
D.Income statement.
E.Statement of changes in owner's equity.
Q:
Suppose that you decide to purchase either stocks or bonds of a particular corporation and you also prefer to receive some returns from the securities every year. Which should you buy - stocks or bonds? Why?
Q:
What is likely to be the most effective method in making home-office personnel aware of the problems of foreign operations?
A) providing cross-cultural training
B) designing a theoretical course
C) conducting in-house seminars
D) holding corporate virtual reality training
E) distributing marketing reading materials
Q:
A financial statement providing information that helps users understand a company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n):
A.Balance sheet.
B.Income statement.
C.Statement of cash flows.
D.Statement of owner's equity.
E.Financial Status Statement.
Q:
The most numerous or plentiful firms in the United States are found in this form of businessA) partnership. B) proprietorship. C) monopoly. D) corporation.
Q:
The training of foreign employees is likely to be most effective when
A) it is handled by trainers who communicate in languages alien to the employees.
B) it is tailored to the employees' ways of learning and communicating.
C) national differences are ignored during motivational sessions.
D) the superiority of their culture is emphasized over others.
E) it is different from the familiar ways of communicating.
Q:
A balance sheet lists:
A.The types and amounts of the revenues and expenses of a business.
B.Only the information about what happened to equity during a time period.
C.The types and amounts of assets, liabilities, and equity of a business as of a specific date.
D.The inflows and outflows of cash during the period.
E.The assets and liabilities of a company but not the owner's equity.
Q:
An indifference curveA) must slope downward towards the right.B) is positively sloped.C) is upsloping and is concave to the origin.D) may be upsloping or downsloping, depending on whether the two products are complements or substitutes.
Q:
What is most likely the reason that continual training is more important in foreign markets than in domestic ones?
A) slow adaptation of foreign markets to innovative products
B) technological inferiority of domestic products
C) the need to establish the superiority of domestic cultures
D) lack of technical knowledge among expatriate salespersons
E) lack of routine contact with the parent company
Q:
Japanese sales representatives tend to be most satisfied with their jobs when
A) their values are consistent with those of their company.
B) they receive high salaries and many perks.
C) they are better educated than their colleagues.
D) their technological knowledge is superior to that of others.
E) their ideas that do not conform to the company's goals are well-received.
Q:
The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called:
A.A Balance sheet.
B.A Statement of owner's equity.
C.A Statement of cash flows.
D.An Income statement.
E.A Statement of financial position.
Q:
Slices of PizzaTotal UtilityMarginal Utility150 290 3120 4130 5137 6120 In the above table, what is the marginal utility of the sixth slice of pizza consumed?A) 7 B) 137 C) 120 D) -17
Q:
The statement of owner's equity:
A.Reports how equity changes at a point in time.
B.Reports how equity changes over a period of time.
C.Reports on cash flows for operating, financing, and investing activities over a period of time.
D.Reports on cash flows for operating, financing, and investing activities at a point in time.
E.Reports on amounts for assets, liabilities, and equity at a point in time.
Q:
When hiring new personnel for international marketing, what is considered to be the best way to assess the traits necessary for success?
A) paper-and-pencil ability tests
B) interviews and role-playing exercises
C) biographical information
D) reference checks
E) calligraphy analysis
Q:
After full adjustment to a price change has occurred, the absolute price elasticity of demand for an item is equal to 1. In the short run, the absolute price elasticity of demand for the item was probablyA) less than 0. B) greater than 0. C) less than 1. D) greater than 1.
Q:
Cultural empathy involves
A) being subservient to a superior culture.
B) understanding another culture and not being antagonistic.
C) believing that the people of inferior cultures should be enlightened.
D) having the attitude that one's own culture is superior to others.
E) being dissatisfied with one's own culture and adopting a new culture.
Q:
The statement of cash flows reports information on:
A.Revenue activities.
B.Operating activities.
C.Financing activities.
D.Investing activities.
E.B, C, and D.
Q:
When economists want to obtain a measure of the responsiveness of quantity demanded to changes in price, they useA) the slope of the demand curve. B) the price elasticity of demand.C) only the percentage change in quantity demanded.D) the cross-price elasticity of demand.
Q:
A marketer who expects to be effective in the international marketplace should
A) be antagonistic toward other cultures.
B) not let the local culture influence his or her decisions.
C) practice cultural ethnocentrism.
D) not let consumer behavior influence marketing decisions.
E) have a positive outlook on an international assignment.
Q:
From an economic standpoint, the amount of pollution should be
A) zero.
B) the amount that allows firms to maximize profits.
C) the amount where firms are earning a normal rate of return on investment.
D) at the point at which the marginal benefit from further reduction equals the marginal cost of further reduction.
Q:
The basic financial statements include the:
A.Balance Sheet.
B.Income Statement.
C.Statement of Owner's Equity.
D.Statement of Cash Flows.
E.All of these.
Q:
What is the most important quality of marketing personnel for a foreign assignment that a recruiter should consider?
A) They should have little cultural empathy as this might distract them from their main purpose.
B) When working in a foreign country, they must be capable of making decisions that are not influenced by the habits of the market.
C) They should be able to represent a culturally superior image of their country and its products.
D) They should be hypersensitive to the behavioral variations in different countries.
E) They should possess a considerable breadth of knowledge of many subjects both on and off the job.
Q:
The statement of cash flows reports on cash flows for:
A.Operating activities.
B.Investing activities.
C.Financing activities.
D.Planning activities.
E.A, B and C only.
Q:
The funds paid to the government today for Social Security taxes are
A) invested to provide for the future benefits of the taxpayers.
B) saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age.
C) used by the government to purchase goods and services that will enhance the future productivity of business in the country.
D) used to pay the benefits of those who are currently retired.
Q:
One feature of third-country nationals is
A) U.S. firms have to pay double tax when hiring them.
B) they are local nationals who work for a foreign company.
C) they work at the company's headquarters and are located in their home country.
D) they manage their foreign clients and subordinates from their home country.
E) their nationality has little to do with where they work or for whom.
Q:
Risk is:
A.Net income divided by average total assets.
B.The reward for investment.
C.The uncertainty about the expected return to be earned.
D.Unrelated to expected return.
E.Derived from the idea of getting something back from an investment.
Q:
Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)A) oligopsony. B) monopoly. C) monopsony.D) oligopolist.
Q:
Doreen is a French citizen who has been working for a U.S. company in Spain for twenty years. Doreen may be considered to be a
A) virtual expatriate.
B) native salesperson.
C) third-country national.
D) professional expatriate.
E) local national.
Q:
A right-to-work law makes it illegal forA) employers to refuse to hire union workers.B) union membership to be a requirement for continued employment in any establishment.C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
Q:
Expatriates from their own countries working for a foreign company in another country are called
A) virtual expatriates.
B) native salespeople.
C) third-country nationals.
D) professional expatriates.
E) local nationals.
Q:
U. S. government bonds are:
A.High-risk and high-return investments.
B.Low-risk and low-return investments.
C.High-risk and low-return investments.
D.Low-risk and high-return investments.
E.High risk and no-return investments.
Q:
Harris Co. has a net income of $43,000, assets at the beginning of the year are $250,000 and assets at the end of the year are $300,000. Compute its return on assets.
A.8.4%
B.17.2%
C.14.3%
D.15.6%
E.1.5%
Q:
Since the demand for labor depends upon the demand for the final product, we say that labor isA) a derived demand. B) an ʺinverseʺ demand.C) a positive demand. D) a reverse demand.
Q:
What is considered to be the most common job in the United States despite being viewed negatively?
A) government service
B) attorney
C) office management
D) personal selling
E) teaching
Q:
FastForward has net income of $18,955, and assets at the beginning of the year of $200,000. Assets at the end of the year total $246,000. Compute its return on assets.
A.7.7%.
B.8.5%.
C.9.5%.
D.11.8%.
E.13.0%.