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Questions
Q:
Why was the Court of Appeals for the Federal Circuit created?
A) It was created to exercise appellate jurisdiction over members of the armed services.
B) It was created to hear cases that involve federal tax laws.
C) It was created to provide uniformity in the application of federal law in certain areas, particularly patent law.
D) It was created to hear appeals from intermediate appellate state courts and certain trial courts.
Q:
Which of the following courts are considered as the federal court system's intermediate appellate courts?
A) U.S. Courts of Appeals for Veterans Claims
B) U.S. courts of appeals
C) U.S. district courts
D) U.S. courts of federal claims
Q:
The ________ hears cases brought against the United States.
A) U.S. Supreme Court
B) U.S. Tax Court
C) U.S. Court of Federal Claims
D) U.S. District Court
Q:
The ________ has special appellate jurisdiction to review the decisions of the Court of Federal Claims, the Patent and Trademark Office, and the Court of International Trade.
A) U.S. District Court
B) Court of Appeals for the Federal Circuit
C) First Circuit Court
D) District of Columbia Circuit
Q:
Based upon the cash flow information provided below for the year ended December 31, 2011, prepare a cash flow statement for the Bloomfield Municipal Golf Course, an enterprise fund.Green fees received $400,000Membership fees received 160,000League outing fees received 90,000Interest revenue received 2,000Cash received from short-term note payable (not used for capital assets) 75,000Payments to employees 350,000Payments to suppliers 198,000Cash paid to the General Fund - Noncapital loan 60,000Payments for capital improvements 85,000Interest paid on short-term loan (loan not used for capital assets) 5,000Unrestricted cash and cash equivalents, January 1, 2011 17,000
Q:
What is the principle of diminishing marginal utility?
Q:
The geographical area served by each U.S. court of appeals is referred to as a ________.
A) district
B) county
C) range
D) circuit
Q:
Which of the following courts are the federal court system's trial courts of general jurisdiction?
A) U.S. district courts
B) U.S. Tax Courts
C) U.S. courts of appeals
D) U.S. courts of federal claims
Q:
The ________ established by Congress have limited jurisdiction.
A) state supreme courts
B) state appeals courts
C) special federal courts
D) courts of records
Q:
________ refers to a court's jurisdiction over the parties to a lawsuit.
Q:
________ refers to a court that hears appeals from trial courts.
Q:
Prepare journal entries to record the following grant-related transactions of the municipal swimming pool, which is funded primarily by membership fees. 1. Received an operating grant in cash from the state for $200,000, to be used for life-saving and first-aid training. 2. Incurred and paid qualifying expenses on the state grant program by providing training, $165,000. 3. Received a federal grant to finance purchase of an energy efficient heating system for the pool, $120,000 (cash received in advance). 4. New heating system installed and paid, $115,000.
Q:
Use the above figure. Which graph depicts complementary goods?A) A B) B C) C D) D
Q:
Decisions of highest state courts are final unless a question of law is involved that is appealable to the U.S. Supreme Court.
Q:
No new evidence or testimony is heard in the state supreme courts.
Q:
The intermediate appellate courts do not allow the parties to have oral hearings.
Q:
Section 406 of the ________ Act requires a public company to disclose whether it has adopted a code of ethics for senior financial officers.
Q:
Section 406 of the Sarbanes-Oxley Act requires a public company to disclose whether it has adopted a code of ethics for senior financial officers.
Q:
Prepare journal entries to record the following grant-related transactions of an Enterprise Fund. 1. Received an operating grant in cash from the state, $2,500,000. 2. Incurred and paid qualifying operating expenses on the state grant program, $1,600,000. 3. Received a federal grant to finance construction of a plant, $4,500,000 (cash received in advance). 4. Incurred and paid construction costs on the plant, $3,000,000. The plant is not completed.
Q:
If the absolute price elasticity of demand is 2, a 10 percent increase in the price will causeA) the quantity demanded to decrease by 2 percent. B) the quantity demanded to decrease by 20 percent. C) the quantity demanded to decrease by 5 percent. D) the quantity demanded to decrease by 0.2 percent.
Q:
The ________ Act enacted by Congress in 2002 requires public companies to adopt codes of ethics and establishes criminal penalties for companies that partake in violations.
A) Glass-Steagall
B) Sarbanes-Oxley
C) False Claims
D) Business Norms
Q:
What is the moral minimum theory in the social responsibility of businesses?
Q:
Give an account of the social responsibility of businesses. List its four main theories.
Q:
The ________ theory of social responsibility requires corporations to solve social problems, including ones it did little, if anything, to cause.
Q:
The ________ theory of social responsibility states that a corporation must consider the effects its actions have on persons other than its shareholders.
Q:
In general, pollution exists ifA) people are unconcerned about the hazards associated with pollution. B) there are poorly defined private property rights.C) there are poorly defined common property rights.D) profit-making activity is taken to an extreme.
Q:
The legislative and judicial branches of government have established laws that enforce the ________ of social responsibility for corporations.
Q:
Journalize the following municipal zoo transactions in the Lackluster County Enterprise Fund: 1. The zoo issued $1,000,000 of 5% revenue bonds at 99 on July 1, 2011 (an interest payment date). The bond proceeds are to be used for a new polar bear exhibit and the issue will mature in 20 years. Interest is paid on January 1 and July 1. 2. Depreciation for the year-ended December 31, 2011 included $175,000 for buildings and $105,000 for outdoor exhibit areas. 3. The zoo paid $800,000 in construction costs for the new exhibit. The exhibit is still under construction. 4. Interest on the revenue bonds was accrued at year-end, December 31, 2011. Straight-line amortization is used for bond discounts and premiums.
Q:
The ________ theory of social responsibility compels a corporation to correct the social injury it causes.
Q:
The corporate citizenship theory contends that corporations have to promote the same social goals as individual members of the society.
Q:
The stakeholder interest theory compels a corporation to consider the effects of its actions specifically on shareholders.
Q:
There are no specific governmental laws endorsing the moral minimum of social responsibility for corporations.
Q:
The moral minimum theory emphasizes making a profit even while causing harm to others.
Q:
A benefit of deductibles and health savings accounts is that theyA) reduce the moral hazard problem associated with third -party payers. B) increase the quality of health care.C) reduce the use of expensive techniques for hopeless cases. D) reduce the incomes of physicians.
Q:
Journalize the following utility transactions in the Hazzard County Enterprise Fund: 1.The utility sold $4,000,000 of 6.5% revenue bonds at 98 on July 1, 2011 (an interest payment date). The bond proceeds are to be used for new plant construction and the issue will mature in 20 years. Interest is paid semi-annually on July 1 and January 1. 2. Depreciation for the year-ended December 31, 2011 included $300,000 for buildings and $190,000 for equipment. 3. The utility paid $600,000 in construction costs for the new plant.The plant is still under construction. 4. Interest on the revenue bonds was accrued at year-end, December 31, 2011. Straight-line amortization is used for bond discounts and premiums.
Q:
The moral minimum theory emphasizes correcting social injuries caused by a business.
Q:
The traditional view of social responsibility of business emphasized maximizing profits for employees rather than shareholders.
Q:
Conch Corporation, a global oil and gas company, plans to open a subsidized postsecondary vocational school in the town of Cristen, where one of its offices is situated. The plan is put to vote and then approved despite some objection from shareholders. The school is being opened in collaboration with the local government. Its objective is to help the youth of the neighborhood, especially dropouts, learn a vocational skill. What social responsibility theory describes Conch Corporation's move to open the school?
A) moral minimum
B) maximizing profits
C) corporate citizenship
D) stakeholder interest
Q:
What does "corporate citizenship" as a social responsibility theory in business imply?
A) Businesses are responsible for helping to solve social problems that they did little, if anything, to cause.
B) Businesses owe a duty to take actions that increase profits for shareholders.
C) Businesses have a responsibility solely to their stakeholders and strive to maximize their well-being.
D) Businesses are obliged to consider the effects of their actions on persons other than their shareholders.
Q:
________ is a social responsibility theory of business according to which a corporation must consider the effects that its actions have on persons other than its shareholders.
A) Corporate citizenship
B) Maximizing profits
C) Moral minimum
D) Stakeholder interest
Q:
A straight-line Lorenz curve showsA) an equal distribution of money income.B) a greater than proportionate share of income going to middle -income households. C) a high incidence of absolute poverty.D) a highly unequal distribution of income.
Q:
Prepare journal entries in the motor pool department of Hill County to record each of the following transactions. 1. The General Fund contributed $50,000 cash to the motor pool department. The motor pool department purchased four vehicles on July 1, 2011 by paying $50,000 down and borrowing $70,000 on a 5%, 3-year note. 2. Billed General Fund departments $430,000 for services provided to those departments. Billings to the Enterprise Fund totaled $210,000. All billings were collected by year-end(June 30, 2012) except for $80,000 charged to the General Fund. 3. Accrued year-end adjustments at June 30, 2012 for interest expense and depreciation. The useful life of the equipment is 5 years with no salvage value.
Q:
ULab Inc., a biotechnology firm, lost one of its offices in a fire. The employees did not have a fire drill, and the 10-story building had no fire escape. This resulted in many employees being hospitalized for physical injuries, burns, and toxic smoke inhalation. What important social responsibility theory did ULab neglect by not having a fire drill for its employees and not installing a fire exit?
A) corporate citizenship
B) moral minimum
C) stakeholder interest
D) maximizing profits
Q:
Sinbad Cola, a soft drink manufacturer, opened a plant in Buron. The waste from the plant was released into the Buron Sea, which was situated a mile away from the plant. Releasing the wastes into the sea resulted in water pollution and groundwater contamination. The water pollution in turn negatively affected Buron's fishing business. Sinbad Cola compensated for this by bringing the contamination levels down with additional filters and paying for the damages to the local fisheries. Which theory of business social responsibility did Sinbad Cola comply with when it compensated for its harmful waste disposal methods?
A) moral minimum
B) stakeholder interest
C) corporate citizenship
D) maximizing profits
Q:
Steve Templeton, the CEO of Rolland Motor Company, is contemplating the shutdown of a plant in Kantron. The plant has been unprofitable for some time now, and there is increasing pressure from shareholders to shut it down so as to balance the loss being incurred by the shareholders. But closing the plant would be a blow to the employees as they will lose their jobs, and the local suppliers will lose a major buyer. There is also fear that the sudden closing of the plant will have an adverse effect on the community of Kantron, as the plant is one of the main sources of employment for the locals. Steve Templeton considered all these factors before making a decision on the fate of the plant. If Steve Templeton decides to close the plant in Kantron, what important business social responsibility will Steve Templeton accomplish?
A) moral minimum
B) corporate citizenship
C) maximizing profits
D) stakeholder interest
Q:
Steve Templeton, the CEO of Rolland Motor Company, is contemplating the shutdown of a plant in Kantron. The plant has been unprofitable for some time now, and there is increasing pressure from shareholders to shut it down so as to balance the loss being incurred by the shareholders. But closing the plant would be a blow to the employees as they will lose their jobs, and the local suppliers will lose a major buyer. There is also fear that the sudden closing of the plant will have an adverse effect on the community of Kantron, as the plant is one of the main sources of employment for the locals. Steve Templeton considered all these factors before making a decision on the fate of the plant. If Steve Templeton decides not to close the plant in Kantron, what business social responsibility will Steve Templeton be achieving?
A) moral minimum
B) corporate citizenship
C) maximizing profits
D) stakeholder interest
Q:
A social responsibility theory of business according to which a corporation's duty is to make a profit while avoiding causing harm to others is referred to as ________.
A) stakeholder interest
B) corporate citizenship
C) maximizing profits
D) moral minimum
Q:
Which statement concerning powers granted the President of the United States by the Taft-Hartley Act is true?A) The President can obtain an injunction that will stop a strike, if the strike involves government workers only.B) The President can require management to negotiate with a union and if the firmʹs management refuses, the President can appoint an arbitrator to resolve the conflict.C) The President can obtain an injunction that will stop a strike for an eighty -day ʺcooling offʺ period if the strike is expected to imperil national safety or health.D) The President can obtain an injunction that will stop a strike indefinitely.
Q:
What does "maximizing profits" as a social responsibility theory in business imply?
A) A corporation must consider the effects of its actions on persons other than its shareholders.
B) A corporation's duty is to make a profit while avoiding causing harm to others.
C) A corporation owes a duty to take actions that increase profits for its shareholders.
D) A corporation has the prime responsibility of increasing its profits in order to benefit the society at large.
Q:
Prepare journal entries in an Internal Service Fund of Union County to record each of the following transactions. Purchased equipment on September 1, 2011 by paying $25,000 down and borrowing $100,000 on a 6%, 2-year note. 2. In 2011, billed General Fund $620,000 for services provided. Billings to the Enterprise Fund totaled $165,000. All billings were collected by December 31, 2011 except for $100,000 charged to the General Fund. 3. Accrued year-end adjustments at December 31, 2011 for interest expense and depreciation. The useful life of the equipment is 5 years with no salvage value.
Q:
What is ethical relativism?
Q:
Explain the two principles on which the universal rules of Kantian ethics are based.
Q:
Under the moral theory of ________, if a person meets his or her own moral standard in making a decision, no one can criticize him or her for it.
Q:
Rawls's social justice theory is based on the ________ theory of morality proposed by John Locke and Jean-Jacques Rousseau.
Q:
According to Rawls's social justice theory, ________ is considered the essence of justice.
Q:
The elasticity of demand for labor will be less theA) longer the time period.B) easier it is to substitute one input for another.C) less the demand elasticity for the final product.D) larger the share of total costs accounted for by labor.
Q:
Kantian ethics is also referred to as ________ ethics.
Q:
Journalize the following utility transactions in the Quest County Enterprise Fund: 1. Billings to external customers $1,600,000; billings to Quest County governmental funds $130,000. 2. Collected refundable deposits from new customers $10,000. 3. Collected 95% of all billings by fiscal year-end. 4. Refunded $4,000 in deposits to former customers. 5. Unbilled services to outside customers at year-end $14,000.
Q:
________ is one of the two principles of Kantian ethics according to which the actor must abide by the rule he or she uses to judge the morality of someone else's conduct.
Q:
The moral theory that dictates that people should choose the action or follow the rule that provides the greatest good to society is referred to as ________.
Q:
________ is a moral theory with origins in the works of Jeremy Bentham and John Stuart.
Q:
The ________ Statute is a federal statute that permits private parties to sue companies for fraud on behalf of the government.
Q:
What is the relationship between the Sherman Antitrust Act and the Clayton Act?A) The Clayton Act was the first act passed and the Sherman Antitrust Act was the second.B) The Sherman Antitrust Act encouraged competition among firms in the U.S. while the Clayton Act encouraged competition among foreign firms.C) The Clayton Act strengthened the Sherman Antitrust Act by limiting some very specific business practices.D) Both Acts deal with issues of setting price and quantity for regulated industries.
Q:
Under the moral theory of ________, a person looks to an outside source for ethical rules or commands.
Q:
Static City started a department to provide copy, printing and mailing services for all departments and agencies of the city.During the fiscal year from July 1, 2010 through June 30, 2011, the copy services department had the following transactions:1. Paper and toner inventory was purchased for $58,000, on account.2. The paper and toner inventory physical count showed only $8,000 on hand at June 30, 2011.3. The department billed other departments for services rendered to them amounting to: General Fund, $43,000; Enterprise Fund, $24,000; Debt Service Fund, $21,000; and Trust Fund, $16,000. All receivables were collected with the exception of $6,000 from the Trust Fund which is expected to be collected in July, 2011.4. The department incurred and paid the following expenses: salaries and wages, $23,000; Electric, $8,000; Other operating expenses, $6,000. Also, $63,000 of the Accounts Payable were paid during the year.5. Depreciation Expense on Equipment amounted to $6,000 for the year ending June 30, 2011.6. The department prepared the closing entry on June 30, 2011.Required:For the fiscal year ended June 30, 2011, prepare the journal entries to record the transactions for the Internal Service Fund.
Q:
According to ethical relativism, an action that is usually thought to be unethical would not be considered unethical if the perpetrator thought it was ethical.
Q:
Ethical relativism holds that moral standards ought to be based on an individual's feelings of what is right and what is wrong.
Q:
According to Rawls's social justice theory, moral duties are based on an implied social contract.
Q:
According to Rawls's social justice theory, a person who is in his or her "veil of ignorance" is best fit to select the fairest possible ethical principles.
Q:
A market with many sellers, no influence over price, no barriers to entry, a homogeneous product, and an absence of non -price competition is known asA) perfect competition. B) monopolistic competition.C) oligopoly. D) monopoly.
Q:
The social contract theory is derived from Rawls's social justice theory.
Q:
A trust fund was created to assist local students in financial need. The following transactions occurred in the trust. 1. The committee forming the fund was able to raise $700,000 and invested the funds so that the principal would remain indefinitely, and the earnings would be used to aid needy students. 2. During the year, the fund earned $65,000 interest. Earnings remain invested in the trust until withdrawn to distribute, so the interest was invested. 3. $50,000 of the investments were sold, withdrawn, and distributed to provide scholarships. 4. The fund-raising committee contributed an additional $200,000 cash to the fund. This cash was deposited into the account and invested. 5. Interest earned but not yet deposited into the investment account was accrued at $17,000.Required:Prepare the necessary journal entries for each of the above transactions for the trust fund.
Q:
Kantian ethics distinguishes between the morality one uses to judge others and the morality one uses on oneself.
Q:
According to Kantian ethics, one would be obligated to abide by a contract even if that contract turns out to be detrimental to the obligated party.
Q:
The principle of inconsistency of Kantian ethics postulates treating all ethical cases differently.
Q:
Kantian ethics is based on the premise that people can use reasoning to reach ethical decisions.
Q:
Kant believed that people owe moral duties that are based on universal rules.
Q:
An adjusted trial balance is provided below for the Dade County copy services department at June 30, 2011.Cash $ 21,000Due from Enterprise Fund 6,000Due from Debt Service Fund 2,000Supplies inventory 5,000Supplies used 3,000Equipment 32,000Salary expense 25,000Utility expense 9,000Depreciation expense 6,000Operating transfer to General Fund 4,000$113,000Accumulated depreciation $ 24,000Accounts payable 2,000Advance from General Fund (not for capital assets) 10,000Capital Contribution from General Fund 1,000Net assets (beginning) 28,000Revenue - services billed 48,000$113,000Required:1. Prepare a statement of revenues, expenses and changes in net assets for the copy services department for the year ended June 30, 2011.2. Prepare a statement of net assets for the copy services department at June 30, 2011. Assume all assets are not externally or internally restricted.
Q:
All of the following are reasons for an oligopoly to occur EXCEPTA) economies to scale. B) barriers to entry.C) independence among firms. D) merger.
Q:
Kantian ethics is also known as duty ethics.