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Questions
Q:
Utilitarianism postulates doing the greatest good for the greatest number of people.
Q:
The main criticism about ethical fundamentalism is that it does not allow people to decide for themselves what is right and what is wrong.
Q:
Under ethical fundamentalism, a person looks to an outside source for ethical rules or commands.
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 an increasing pressure from shareholders to shut it down so as to balance the loss being incurred by the shareholders. Closing the plant would result in the employees losing their jobs and the local suppliers losing a major buyer. It will also have an adverse effect on the community of Kantron as the plant is one of the main sources of employment for the locals. Steve considers all these factors before deciding the fate of the plant. After considering all the factors, if Steve finds that the loss to the employees and the community is far greater than that incurred by the shareholders and decides to keep the plant open, which of the following moral theories matches Steve Templeton's approach to the situation?
A) Kantian ethics
B) Rawls's social justice theory
C) ethical fundamentalism
D) utilitarianism
Q:
Thoroughgood County has a municipal golf course and tennis club which is funded by the membership fees it charges. The club also has 6% bonds outstanding amounting to $20,000,000 on which it pays interest semi-annually. The club had the following transactions. 1. An addition to the golf clubhouse was added for $2,000,000, funded out of operations. 2. The following expenses were incurred and paid: $80,000 wages; $10,000 payroll taxes; $45,000 water bill; and $12,000 equipment repair. 3. Interest on the bonds was paid amounting to $600,000. 4. $5,000,000 of operating cash excess was repaid to the general fund for a previous loan. 5. Depreciation of $500,000 was recorded for the buildings. Required:Prepare the necessary journal entries for each of the above transactions for the Enterprise Fund.
Q:
In the short run, a monopolistically competitive firm
A) always earns positive economic profits.
B) never earns positive economic profits.
C) can earn positive, negative, or zero economic profits.
D) always earns positive accounting profits.
Q:
According to ethical relativism, ________.
A) ethics rely on duties based on universal rules that one is morally bound to follow
B) each person is presumed to have entered into a social contract with all others in society to obey moral rules
C) there are no universal ethical rules to guide a person's conduct
D) people must choose an action or follow a rule that provides the greatest good to society
Q:
Which of the following moral theories will help an anthropologist study ancient societies with an impartial and unprejudiced mindset?
A) Rawls's social justice theory
B) utilitarianism
C) Kantian ethics
D) ethical relativism
Q:
________ is a moral theory that holds that individuals must decide what is ethical based on their own feelings about what is right and wrong.
A) Ethical relativism
B) Kantian ethics
C) Utilitarianism
D) Rawls's social justice theory
Q:
How are ethical rules established in Rawls's social justice theory?
A) by establishing a set of universal rules based on consistency and reversibility
B) by establishing an original position of a veil of ignorance
C) by the ruling class or people in advantageous positions
D) by following what's best for the society as a whole
Q:
Which of the following moral theories represents the dictum "I will keep the rules if everyone else does"?
A) perspectivism
B) social contract
C) ethical fundamentalism
D) utilitarianism
Q:
Which of the following is a perceived disadvantage of Rawls's social justice theory?
A) It allows those in advantageous positions to suppress people in least advantageous positions in a society.
B) It does not consider the fact that people would not want to maximize benefits to the least advantaged persons in a society.
C) It only allows people in advantageous positions in a society to form rules on morality.
D) It postulates that there are no universal ethical rules to guide a person's conduct.
Q:
The following transactions relate to a municipal golf course and tennis club, financed with debt secured by membership fees. 1. The General Fund loaned $25,000,000 cash to the Enterprise Fund. The note is not interest-bearing. 2. The municipal golf course and tennis club purchased land and constructed the facilities which totaled expenditures of $23,700,000. 3. Bonds were issued by the municipal golf course and tennis club for $20,000,000, par value of the bonds. 4. Membership fees were billed in the amount of $4,800,000. $4,200,000 was collected. 5. $5,000,000 was repaid to the general fund, with the anticipation of repaying $5,000,000 more per year for the next four years.Required:Prepare the necessary journal entries for each of the above transactions for the Enterprise Fund.
Q:
In the long run, all of the following are true for a monopolist EXCEPTA) P > ATC. B) P = MC. C) MR = MC.D) P > AVC.
Q:
From which of the following theories of morality is Rawls's social justice theory fundamentally derived?
A) the utilitarianism theory
B) the ethical fundamentalism theory
C) the social contract theory
D) the moral relativism theory
Q:
________ theory is a moral theory that asserts that fairness is the essence of justice.
A) Kantian ethics
B) Ethical fundamentalism
C) Utilitarianism
D) Rawls's social justice
Q:
How are ethical rules established in Kantian ethics?
A) by a set of universal rules that are based on consistency and reversibility
B) by following principles that have been derived from holy books
C) by an individual's feelings on what is right and wrong
D) by choosing an alternative that is best for the society as a whole
Q:
Portman, who runs a computer hardware store, had signed a contract with Stewie Inc. to deliver 125 computer monitors. He was to deliver it by the 5th of August, but by the 3rd of August, Portman could not arrange for the monitors, as his regular supplier was not available. He then decided to go to another supplier who had a higher selling price for monitors rather than cancelling the contract with Stewie Inc., as he believed it was his duty to do so. Which of the following moral theories matches Portman's behavior?
A) Kantian ethics
B) utilitarianism
C) Rawls's social justice theory
D) ethical fundamentalism
Q:
Which of the following is a perceived disadvantage of Kantian ethics?
A) It treats morality as if it were an impersonal mathematical calculation.
B) It does not allow people to have subjective notions of right and wrong.
C) It is based on universal rules that have no common consensus.
D) It differentiates between the morality one uses to judge others and the morality one uses on oneself.
Q:
ʺIn the long run, a perfectly competitive firmʹs average total cost is always below the market clearing price.ʺ Agree or disagree? Why?
Q:
The City of Sill established an Internal Service Fund to provide cleaning services to all city offices and departments. The following transactions took place with respect to this event.1. The General Fund contributed cash of $49,000 to the Internal Service Fund. The General Fund provided a $10,000 loan to the Internal Service Fund.2. On January 1, 2011, the Internal Service Fund acquired a floor waxing machine for cash of $5,000. It has a 5 year life with no salvage value, and the city uses straight-line depreciation on their assets 3. The cleaning services department billed other government agencies and departments $226,000 and collected $187,000.4. The cleaning services department incurred and paid the following expenses: cleaning personnel wages, $65,000; payroll taxes, $10,000; cleaning supplies, $13,000; and office rental and utilities, $77,000. The cleaning services department also repaid the general fund for the loan.5. The cleaning services department prepared the journal entry to depreciate their assets for the year ending December 31, 2011.Required:Prepare the necessary journal entries for each of the above transactions for the Internal Service Fund.
Q:
Consistency is one of the two important principles of ________ upon which its universal laws are based.
A) utilitarianism
B) Kantian ethics
C) Rawls's social justice theory
D) moral relativism
Q:
Reversibility is a principle of Kantian ethics according to which ________.
A) a person must be allowed to reverse his moral judgment to better suit his needs
B) a person must treat all moral circumstances as one
C) a person must be allowed to selectively choose moral judgments based on the circumstances
D) a person must abide by the rule he or she uses to judge the morality of someone else's conduct
Q:
________ is a moral theory according to which people owe moral duties that are based on universal rules.
A) Rawls's social justice theory
B) Kantian ethics
C) Utilitarianism
D) Ethical fundamentalism
Q:
Which of the following moral theories would closely follow the categorical imperative "Do unto others as you would have them do unto you"?
A) Kantian ethics
B) ethical fundamentalism
C) utilitarianism
D) Rawls's social justice theory
Q:
Which of the following theories of ethics is also referred to as duty ethics?
A) Rawl's social justice theory
B) utilitarianism
C) Kantian ethics
D) ethical fundamentalism
Q:
The profit-maximizing level of output for a firm occurs at the point at whichA) P = ATC. B) P = AVC. C) MR = MC. D) MR = ATC.
Q:
Which of the following is an apparent disadvantage of utilitarianism?
A) It does not allow people to have subjective notions of right and wrong.
B) It is based on moral duties derived from universal rules.
C) It overemphasizes one book or theory.
D) It treats morality as if it were an impersonal mathematical calculation.
Q:
Willborough County had the following transactions in 2012.1. A central motor pool was established with a $200,000 nonreciprocal transfer from the General Fund.2. The water and sewer authority, which provides services to residents for a fee, issued a bond offering at $750,000 par. Bonds proceeds are restricted to renovating the treatment facility.3. Willborough received a grant from the state to be used for renovation of the courthouse amounting to $800,000. The General Fund will temporarily provide $100,000 cash, because the grant is set up on a reimbursement basis and will not be distributed until proper expenditures are documented.4.Willborough's central motor pool bills out automobile usage to various government agencies amounting to $42,000.5. The General Fund transfers $67,000 out of the operating budget to fund the county employees' pension plan.Required:Prepare the necessary journal entries for each of the above transactions for all funds affected. Be sure to identify the fund type for each entry
Q:
Which of the following statements best describes the moral theory of utilitarianism?
A) People must choose the action or follow the rule that provides the greatest good to society.
B) People must perform actions that are in accordance with a specific moral rule or principle from a religious text.
C) People must choose to follow the actions of a virtuous person.
D) People must perform actions that are based on moral duties imparted by one's community.
Q:
A government or political party that strictly derives its ethics and laws from a specific religious book is an example of ________.
A) utilitarianism
B) ethical fundamentalism
C) ethical relativism
D) Kantian ethics
Q:
Jules Renton, a financial accountant at Valkyrie Aviation, deals with Valkyrie's accounts with the government. Valkyrie has a contract with the government to deliver a bomber plane called Spearhead. When reviewing the Spearhead account, Renton noticed that Valkyrie has been falsely charging the government for Spearhead's production. If Renton chooses to be a whistleblower and expose the scam to the government, which Congress-enacted statute must he invoke?
A) Business Norms Act
B) Sarbanes-Oxley Act
C) Glass-Steagall Act
D) False Claims Act
Q:
The ________ Act is a federal statute that permits private parties to sue companies for fraud on behalf of the government.
A) Business Norms
B) Sarbanes-Oxley
C) Glass-Steagall
D) False Claims
Q:
________ is an ethical theory according to which a person adheres to rules or commands that are from an outside source, such as a book or a central figure.
A) Ethical fundamentalism
B) Utilitarianism
C) Ethical relativism theory
D) Rawls's social justice theory
Q:
Jefferson County had the following transactions in 2012.1. $27,000 in membership fees was collected at the municipal pool.2. A county collects $130,000 in sales taxes on behalf of the cities within its boundaries.3. A $500,000 bond offering was issued at 102 to fund the construction of a new city hall. The premium on the bonds was transferred to the Debt Service Fund(nonreciprocal).4. A private foundation contributes a stock portfolio with a fair value of $100,000 to the county. A trust agreement specifies the earnings on the fund is to be used by the local park which is owned and operated by a private foundation, and the principal is to be held intact indefinitely.5. The county sends bills out for water and sewer provided to residents, amounting to $340,000.Required:Prepare the necessary journal entries for each of the above transactions for all funds affected. Be sure to identify the fund type for each entry.
Q:
What is the difference between average variable costs and average total costs?
Q:
Give an account of the relationship between ethics and law.
Q:
Under the False Claims Act, a whistleblower can be awarded up to 25 percent of the amount recovered on behalf of the federal government, even if the informer has been a co-conspirator in perpetrating the fraud.
Q:
The False Claims Act permits private parties to sue the government on behalf of a corporation.
Q:
An ethically wrong state or condition can still be legal.
Q:
The short run isA) a period of time during which at least one input cannot be changed. B) a period of time during which no inputs can be changed.C) a period of time during which all inputs can be changed. D) a period of time shorter than one year.
Q:
All laws are framed to meet the highest ethical standards.
Q:
The City's municipal golf course had the following transactions.1. Received a beautification(operating) grant from the state for $600,000. Received cash of $600,000.2. Incurred and paid qualifying expenses under the state grant program in (1) above of $280,000.3. Incurred and paid construction costs on an uncompleted clubhouse for $1,200,000.4. Received $1,000,000 cash from a grant to assist with construction costs for the clubhouse.Required:Given that the golf course is operated based on user fees for upkeep, prepare the necessary journal entries for each of these transactions.
Q:
Which of the following cases is an example of agreement of ethics and laws?
A) a company outsourcing its work to a foreign country to take advantage of cheap labor
B) a person being penalized for bribing a judge to rule a case in the person's favor
C) a company not spending more to keep its emission rates below the legal standard
D) a person hiring an illegal alien worker whose family is destitute
Q:
________ is a set of moral principles or values that governs the conduct of an individual or a group.
A) Rationality
B) Evolution
C) Ethics
D) Reason
Q:
The Supreme Court case decision on the case of Brown v. Board of Education was important because it exhibited ________.
A) the use of the affirmative action policy
B) the scope of flexibility of the law
C) the state's supremacy over federal rulings
D) the importance of following precedence
Q:
Give an account of how the digital age has affected lawmaking in the United States.
Q:
Explain the priority of law in the United States.
Q:
Proprietary funds are required to prepare financial statements that include:A. Statement of ActivitiesB. Statement of Revenues, Expenditures and Changes in Fund BalanceC. Balance SheetD. Statement of Cash FlowsE. Statement of Net AssetsF. Statement of Revenues, Expenses and Changes in Net AssetsA) C, D, FB) A, B, DC) B, C, DD) D, E, F
Q:
A firm is making zero economic profits. From this, we know thatA) the firm is going to go out of business. B) implicit costs are zero.C) the firm is going to stay in business, but will not be able to attract new financial capital. D) the firm will stay in business since it is covering all relevant opportunity costs.
Q:
Explain the doctrine of stare decisis and how it has influenced the legal system.
Q:
According to the doctrine of stare decisis, past court decisions become ________ for deciding future cases.
Q:
The legislative and ________ branches of federal and state governments are empowered to establish administrative agencies.
Q:
The ________ is the legislative branch of the U.S. government and has the power to enact the law.
Q:
Federal statutes that are organized by topic into code books are referred to as ________ law.
Q:
The trust fund for a school library is required to prepare financial statements that includeA) Balance Sheet and Income Statement.B) Statement of Revenues, Expenses and Changes in Fiduciary Net Assets.C) Statement of Fund Balance and Statement of Changes in Fund Balance.D) Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.
Q:
In the above figure, if the budget line is the line DF, the consumer will maximize utility at pointA) A. B) B. C) C. D) G.
Q:
A(n) ________ is a compact made between two or more nations and becomes part of the supreme law of the land.
Q:
The ________ branch of the government has the power to interpret and determine the validity of the law.
Q:
The ________ branch of the government has the power to enact laws.
Q:
The doctrine of stare decisis provides that each court decision is independent and should stand on its own.
Q:
State courts of one state are not required to follow the legal precedent established by the courts of another state.
Q:
Why does total utility rise at a decreasing rate as an individualʹs consumption of an item increases?
Q:
The financial statements of a proprietary fund are similar to those of a business enterprise except forA) proprietary funds do not report income taxes on the operating statement.B) proprietary funds do not have paid-in capital or capital stock.C) proprietary funds use modified accrual accounting.D) both A and B
Q:
Ordinances are not codified into code books.
Q:
Executive orders are an example of codified law.
Q:
The authority to enact ordinances lies solely with the state legislatures.
Q:
Federal statutes are organized by topic into code books.
Q:
If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for cars would be most reasonable to anticipate?A) 0.0 B) 1.2 C) -2.5 D) -1.0
Q:
Statutesare written laws that establish certain courses of conduct that covered parties must adhere to.
Q:
Interest payments on loans outstanding that do not relate to acquiring, constructing or improving capital assets are classified as ________ on the cash flow statement for an Enterprise Fund.A) Cash Flows from Operating ActivitiesB) Cash Flows from Noncapital Financing ActivitiesC) Cash Flows from Capital and Related Financing ActivitiesD) Cash Flows from Investing Activities
Q:
Treaties are considered to be part of the supreme law of the United States of America.
Q:
Federal statutes take precedence over treaties.
Q:
A treaty does not require Senate approval before being passed.
Q:
Administrative agencies are created by the judicial branch of government.
Q:
Within a state, the state constitution precedes the U.S. Constitution.
Q:
Proceeds from bonds issued for the construction of capital assets are classified on the Statement of Cash Flows for an Enterprise Fund asA) Cash Flows from Operating Activities.B) Cash Flows from Noncapital Financing Activities.C) Cash Flows from Capital and Related Financing Activities.D) Cash Flows from Investing Activities.
Q:
The price elasticity of demand measuresA) changes in demand.B) how responsive producers are to a change in demand.C) how responsive consumers are to a change in price.D) how responsive consumers are to a change in income.
Q:
Provisions of federal law are valid as long as they do not conflict with any state law.
Q:
Powers not given to the federal government by the U.S. Constitution are reserved to the states.