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Business
Q:
Refer to the above figure. Profits for this firm are equal to zeroA) only for all points less than B. B) only at points B and C.C) for points between B and C.D) for all points less than B and greater than C.
Q:
Objectivity is key for negotiators working in China.
Q:
Congress passed the ______________________ to help curb financial abuses at companies that issue their stock to the public.
Q:
As long as output increases,A) average total costs decrease. B) average variable costs decrease. C) average fixed costs decrease. D) marginal costs decrease.
Q:
In the context of international business negotiations, in most places in the world, collectivistic, high-context cultures do not consider personalities and substance as separate issues.
Q:
A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.
Q:
A stock that has a price of $20 per share, earnings per share of $2.00, and a dividend of $1.50 will haveA) a PE ratio of 20/1.50. B) a yield of 7.5 percent. C) a yield of 12 percent. D) a PE ratio of 1.333.
Q:
Five valuesrelationships, objectivity, competitiveness, equality, and punctualitythat are held strongly and deeply by most Americans seem to frequently cause misunderstandings and bad feelings in international business negotiations.
Q:
The British, German, and American businesspeople are found to fall in the middle of most scales for dimensions of negotiating behaviors.
Q:
Shareholders are owners of a corporation and typically elect ______________________ to oversee their interests in the corporation.
Q:
Which of the following is not an implicit cost?
A) Wages
B) Opportunity cost of using an ownerʹs savings
C) Owner-provided capital
D) Owner-provided labor
Q:
Israeli business negotiators use the lowest percentage of self-disclosure, yet they also use, by far, the highest percentages of promises and recommendations.
Q:
The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public.
Q:
The marginal rate of substitution isA) equal to unit changes in the quantities of both goods so that utility rises.B) the slope of the budget line at all points.C) the change in the quantity of one good that just offsets a unit change in another good, keeping utility constant.D) found by adding additional units.
Q:
The style of United Kingdom negotiators is the most aggressive of all cultures.
Q:
______________ is the area of accounting aimed at serving external users.
Q:
When marginal utility is positive, but decreasing, then total utility isA) increasing at a decreasing rate. B) negative.C) decreasing. D) increasing at an increasing rate.
Q:
The monetary unit assumption means that all international transactions must be expressed in dollars.
Q:
The behavior of the businesspeople in Asian countries tends to be similar in style.
Q:
Suppose that the cross price elasticity of demand between goods A and B equals 0.5. Which of the following is TRUE?A) A and B are complements because the cross price elasticity is less than one. B) A and B are complements because the cross price elasticity is positive.C) A and B are substitutes because the cross price elasticity is less than one. D) A and B are substitutes because the cross price elasticity is positive.
Q:
The Japanese business negotiation style comprises an infrequent use of no and you and facial gazing, as well as more frequent silent periods.
Q:
______________ users of accounting information are not directly involved in running the organization.
Q:
Even though price elasticity of demand is always , by convention its absolute value is always discussed as a .A) negative; prime number B) positive; negative numberC) a fraction; whole number D) negative; positive number
Q:
According to the cost principle, it is preferable for managers to report an estimate of an asset's value.
Q:
The variation across cultures is greater when comparing linguistic aspects of language than when the verbal content of negotiations is considered.
Q:
Refer to the above figure. Suppose the marginal benefit and the marginal cost curves of pollution abatement are normally shaped. Technological change that made it easier to produce in a ʺcleanerʺ fashion would causeA) curve (4) to shift out, increasing the optimal amount of pollution abatement.B) curve (3) to shift up, raising the marginal benefits and costs and reducing the amount of pollution abatement.C) curve (2) to shift out, increasing the optimal amount of pollution abatement. D) curve (1) to shift out, increasing the optimal amount of pollution abatement.
Q:
Verbal tactics used during negotiations differ vastly across diverse cultures.
Q:
A ____________________ is a business that is owned by only one person.
Q:
Which of the following statements is TRUE?A) A growing economy should see a decline in relative poverty but not in absolute poverty.B) A growing economy should see a decline in absolute poverty but not in relative poverty. C) A growing economy should see a decline in both absolute and relative poverty.D) A growing economy is usually unrelated to changes in either absolute or relative poverty.
Q:
Disagreements among foreign team members, in the form of side conversations, are often followed by concessions to the other negotiating party.
Q:
The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies the going-concern assumption.
Q:
The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPTA) the monopsonist firm looks at a marginal cost curve, MFC, which slopes upward and is above its labor supply curve.B) the marginal benefit of hiring additional workers is given by the firmʹs MRP curve.C) the intersection of MFC with MRP, at point E, determines the number of workers hired.D) a monopsonist cannot find the profit-maximizing quantity of labor demanded at E.
Q:
Americans are lacking in foreign language skills more than most countries in international business negotiations.
Q:
Accounting is an ______________________ that identifies, records and communicates relevant, reliable and comparable information about an organization's economic activities.
Q:
Which piece of legislation allowed states to pass right-to-work laws?A) Wagner Act B) Landrum-Griffin ActC) Taft-Hartley Act D) National Industrial Recovery Act
Q:
Cultural differences in nonverbal behaviors are almost always hidden below our awareness.
Q:
Objectivity means that financial information is supported by independent unbiased evidence.
Q:
The above table depicts the output of a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal physical product (MPP) of the eleventh worker per week?A) 90 units B) 80 units C) $7,000 D) $6,000
Q:
Cultural differences cause four kinds of problems in international business negotiations, and these problems occur at the levels of language, nonverbal behaviors, verbal styles, and values.
Q:
__________________________ is the recording of transactions or events, and is just one part of accounting.
Q:
Which of the following is FALSE with respect to regulation?
A) Regulated firms commonly try to avoid the effects of regulation whenever they can.
B) Firms engage in creative responses which conform to the letter of the law but undermine its spirit.
C) Regulation has resulted in state laws that have made creative response illegal in many states.
D) Recent regulations have generated feedback effects that undermined the key aim of the rules.
Q:
Japan's negotiation style is unique. On almost every dimension of negotiation style considered in a study of 17 countries, the Japanese are on or near the end of the scale.
Q:
Generalizations about the negotiation style of a region are usually correct.
Q:
Which of the following best describes the Battle of the Sexes?A) Two firms choose incompatible product formats. B) Two firms choose one compatible product format.C) Two firms wish to coordinate on one compatible product format but cannot agree on which one.D) Two firms choose to engage in a noncooperative game.
Q:
The International Accounting Standards board (IASB) has the authority to impose its standards on companies around the world.
Q:
Age and experience are known to affect the negotiation behaviors of individuals.
Q:
The records of Skymaster Airplane Rentals show the following information as of December 31, 2009.Skymaster withdrew $52,000 during 2009 for personal expenses.Using the above information, prepare a balance sheet at December 31, 2009.
Q:
Which of the following is a characteristic of oligopoly?A) Easy entry and exit B) Many firmsC) Strategic dependence D) None of the above
Q:
Individual personalities and backgrounds are of no relevance at the international negotiation table.
Q:
Understanding generally accepted accounting principles is not necessary to use and interpret financial statements.
Q:
Which of the following is most likely to be a monopolistically competitive firm?A) a soybean farmer B) a lettuce farmerC) a municipal water district D) a fast food restaurant
Q:
In the age of the Internet and virtual conferencing, face-to-face negotiations are rare.
Q:
A monopolist finds the price-output combination that maximizes its profits by
A) equating total revenue and total cost.
B) equating marginal revenue and marginal cost.
C) finding the combination for which the difference between marginal revenue and marginal cost is the greatest.
D) equating price and marginal cost.
Q:
The costs of production may be lowered if a firm ships unassembled goods to a free trade zone (FTZ) in an importing country because
A) wages and other overheads may be higher in an FTZ.
B) locally produced components do not qualify for tariffs.
C) unassembled goods may qualify for lower freight rates.
D) the finished goods cannot be exported to other countries.
E) goods imported in an FTZ qualify for the same level of tariffs as other imported goods.
Q:
Unlimited liability is an advantage of a sole proprietorship.
Q:
If the long-run supply curve slopes upward, we know that this isA) a decreasing-cost industry. B) a constant-cost industry.C) an increasing-cost industry.D) a situation in which no input prices change as firms enter and exit the industry.
Q:
A marketer may face lower costs by shipping unassembled goods to a free trade zone (FTZ) in an importing country because
A) locally produced components may not be used in production.
B) labor costs may be lower in the importing country.
C) FTZs levy higher taxes and surcharges on imported goods.
D) ocean transportation rates may not be affected by the weight and volume of the components.
E) duties may be assessed at a higher rate for unassembled goods.
Q:
Refer to the above figure. Profits for this firm will be maximized atA) point B. B) point C.C) a quantity greater than point C. D) a quantity between points B and C.
Q:
By shipping unassembled goods to a free trade zone (FTZ) in an importing country, a marketer can typically lower costs because
A) labor costs are higher in the importing country.
B) the final prices of the goods are adjusted for inflation.
C) use of unassembled goods gives the marketer immunity from dumping penalties.
D) duties are typically assessed at lower rates for unassembled goods.
E) local content used in production is low.
Q:
A sole proprietorship is a business owned by one or more persons.
Q:
Summing all of the costs that do not change as output varies yieldsA) variable costs. B) fixed costs. C) implicit costs. D) explicit costs.
Q:
The creation of a free trade zone may lead to
A) a decline in exports.
B) an increase in taxes and duties levied on a product.
C) a reduction in the price escalation.
D) a decline in imports.
E) an increase in labor costs and overheads.
Q:
FastForward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.
Q:
The PE ratio for a stock is
A) the predicted earnings per share of the stock divided by its current yield.
B) the current yield of the stock.
C) the price of the stock divided by its earnings per share.
D) the predicted volatility of the stock.
Q:
Lower prices to the buyer may also mean lower tariffs, because most tariffs are levied on a(n) ________ basis.
A) specific
B) alternative
C) accrual
D) shorter, lower
E) ad valorem
Q:
General accounting principles arise from long-used accounting practice.
Q:
Expenses that a firm does not have to pay out of pocket areA) wages of employees. B) taxes.C) implicit costs. D) explicit costs.
Q:
What is the most probable reason a manufacturer would choose to conduct its manufacturing operations in a third country?
A) to standardize middlemen margins
B) to reduce the credit risk of the seller
C) to increase the capitallabor ratio
D) to avoid antidumping duties
E) to reduce manufacturing costs
Q:
Data for Madison Realty are as follows:The owner, Mary Madison, withdrew a total of $30,000 for personal use during 2009. From the above data, prepare Madison Realty's Statement of Owner's Equity for the year ended December 31, 2009.
Q:
The marginal rate of substitution is measured alongA) the demand curve. B) the total utility curve.C) a given indifference curve. D) a given budget line.
Q:
When a company exports a product from the United States to another country, the company is most likely to be unable to determine the ultimate price of a product if
A) the channels of distribution are short.
B) the number of middlemen in its distribution channels is low.
C) large orders are placed by retailers.
D) marketing and distribution channel infrastructures are well developed.
E) the middleman markups are not standardized.
Q:
Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice.
Q:
Given the above figure, marginal utility becomes negative when Joey consumes the ________piece of pizza.A) 1st B) 3rdC) 4th D) 5th
Q:
When the Indian rupee depreciated against the U.S. dollar, PC manufacturers who were dependent on imported components had to either absorb the increased cost or
A) raise the quantity of inputs they used in production.
B) give discounts to their customers.
C) increase the wages that they paid to labor.
D) increase the production of PCs.
E) raise the price of PCs.
Q:
The following information is available for the Skate and Boards Rental.Using the above information prepare an Income Statement, Statement of Owner's Equity, and Statement of Cash Flows for the Skate and Boards Rental for 2008. Also prepare its Balance Sheet as of December 31, 2009.
Q:
Suppose that the number of units of good X consumed falls 6 percent when the price of good Y falls 4 percent. The cross price elasticity of demand between goods X and Y isA) 0.66. B) 1.75. C) 2.0. D) 1.5.
Q:
When the value of the dollar is weak relative to the buyer's currency, sellers usually use ________ pricing.
A) competition-based
B) demand-based
C) premium
D) psychological
E) cost-plus
Q:
As a general rule, revenues should not be recognized in the accounting records until it is received in cash.
Q:
In a deflationary market, in order to win the trust of consumers, it is essential for a company to
A) engage in forfaiting agreements with consumers.
B) spend more on advertising and stall the production of products.
C) allow prices to escalate and target the price insensitive segment of the market.
D) keep prices low and raise brand value.
E) form a cartel to control the dynamics of the market.
Q:
An absolute price elasticity of demand equal to 0.4 indicates that aA) 4 percent increase in price leads to a 10 percent decrease in quantity demanded.B) 1 percent increase in price leads to a 4 percent decrease in quantity demanded. C) 0.4 percent decrease in price leads to a 1 percent increase in quantity demanded. D) 10 percent decrease in price leads to a 4 percent increase in quantity demanded.