College Assignment: Comprehensive Business and Economic Concepts Assessment

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College Assignment: Comprehensive Business and Economic ConceptsAssessment1) A well-designed activity-based costing system starts with __________.A.analyzing the activities performed to manufacture a productB.assigning manufacturing overhead costs for each activity cost pool to productsC.computing the activity-based overhead rateD.identifying the activity-cost pools2) "Generally accepted" in the phrase generally accepted accounting principlesmeans that the principles __________.A.have been approved for use by the managements of business firmsB.have been approved by the Internal Revenue ServiceC.have substantial authoritative supportD.are proven theories of accounting3) The income statement and balance sheet columns of Pine Company's worksheetreflects the following totals:Income StatementBalance SheetDr.Cr.Dr.Cr.Totals$58,000$48,000$34,000$44,000The net income (or loss) for the period is __________.A.not determinableB.$10,000 lossC.$10,000 incomeD.$48,000 income4) These are selected account balances on December 31, 2008.Land (location of the corporation's office building)$150,000Land (held for future use)225,000Corporate Office Building900,000Inventory300,000Equipment675,000Office Furniture150,000Accumulated Depreciation450,000What is the net amount of property, plant, and equipment that will appear on thebalance sheet?A.$1,425,000B.$1,950,000C.$2,400,000D.$1,650,000

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5) The first step in activity-based costing is to __________.A.identify the cost driver that has a strong correlation to the activity cost poolB.assign manufacturing overhead costs for each activity cost pool to productsC.identify and classify the major activities involved in the manufacture of specificproductsD.compute the activity-based overhead rate per cost driver6) Hess, Inc. sells a single product with a contribution margin of $12 per unit andfixed costs of $74,400 and sales for the current year of $100,000. How much isHess’s break even point?A.2,133 unitsB.4,600 unitsC.6,200 unitsD.$25,6007) Sam's Used Cars uses the specific identification method of costing inventory.During March, Sam purchased three cars for $6,000, $7,500, and $9,750,respectively. During March, two cars are sold for $9,000 each. Sam determines thatat March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?A.$8,250B.$5,250C.$750D.$4,5008) These are selected account balances on December 31, 2008.Land (location of the corporation's office building)$100,000Land (held for future use)150,000Corporate Office Building600,000Inventory200,000Equipment450,000Office Furniture100,000Accumulated Depreciation300,000What is the net amount of property, plant, and equipment that will appear on thebalance sheet?A.$950,000B.$1,300,000C.$1,600,000D.$1,100,0009) The income statement and balance sheet columns of Pine Company's worksheetreflects the following totals:Income StatementBalance SheetDr.Cr.Dr.Cr.

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Totals$58,000$48,000$34,000$44,000Closing entries are necessary for __________.A.permanent or real accounts onlyB.permanent accounts onlyC.both permanent and temporary accountsD.temporary accounts only10) As Plant Controller, you are trying to determine which costs over which youhave the most control on a day to day basis. Your goal is to achieve betterprofitability. The Plant Operations Manager suggests that overhead is the easiestarea to directly reduce costs. Which of the following items would be classified asmanufacturing overhead?A.The western division’s vice president’s salaryB.Factory janitorC.Cost of landscaping the corporate officeD.General corporate liability insurance11) The cost of an asset and its fair market value are __________.A.the same on the date of acquisitionB.never the sameC.the same when the asset is soldD.irrelevant when the asset is used by the business in its operations12) One of Astro Company's activity cost pools is machine setups, with estimatedoverhead of $150,000. Astro produces sparklers (400 setups) and lighters (600setups). How much of the machine setup cost pool should be assigned to sparklers?A.$90,000B.$150,000C.$60,000D.$75,00013) The cost principle is the basis for preparing financial statements because it is__________.A.the most accurate measure of purchasing powerB.a conservative valueC.relevant and objectively measured, and verifiableD.an international accounting standard14) Which one of the following items is not generally used in preparing a statementof cash flows?

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A.Additional informationB.Adjusted trial balanceC.Comparative balance sheetsD.Current income statement15) To move the allocation of resources closer to the social optimum, policymakersshould typically try to induce firms in an oligopoly to __________.A.cooperate rather than compete with each otherB.collude with each otherC.form various degrees of cartelsD.compete rather than cooperate with each other16) Assume oligopoly firms are profit maximizers, they do not form a cartel, andthey take other firms' production levels as given. Then in equilibrium the outputeffect __________.A.can be larger orsmaller than the price effectB.must dominate the price effectC.must besmaller than the price effectD.must balance with the price effect17) The price of a good that prevails in a world market is called theA.world price.B.absolute price.C.relative price.D.comparative price.18) A country's consumption possibilities frontier can be outside its productionpossibilities frontier if __________.A.the country imports more than it exportsB.the country’s technology is superior to the technologies of other countriesC.the citizens of the country have a greater desire to consume goods and services thando the citizens of other countriesD.the country engages in trade19) When, in a particular market, the law of demand and the law of supply bothapply, the imposition of a binding price ceiling in that market causes quantitydemanded to be __________.A.double the quantity suppliedB.less than quantity suppliedC.greater than quantity suppliedD.equal to quantity supplied20) If a binding price ceiling were imposed in the computer market, __________.

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A.the quality of computers would increaseB.the supply of computers would decreaseC.the demand for computers would increaseD.a shortage of computers would develop21) For a college student who wishes to calculate the true costs of going to college,the costs of room and board __________.A.plus the cost of tuition, equals the opportunity cost of going to collegeB.should be counted only to the extent that they are more expensive at college thanelsewhereC.should be counted in full, regardless of the costs of eating and sleeping elsewhereD.usually exceed the opportunity cost of going to college22) In the market for foreign-currency exchange in the open economymacroeconomic model, the amount of net capital outflow represents the quantity ofdollars __________.A.demanded for the purpose of importing foreign goods and servicesB.supplied for the purpose of buying assets abroadC.supplied for the purposeof selling assets domesticallyD.demanded for the purpose of buying U.S. net exports of goods and services23) The part of the balance of payments account that records the amount of foreigncurrency the government buys or sells is the:A.balance of trade.B.financial and capital account.C.current account.D.government financial account.24) The balance of payment account is made up of:A.a monetary account and a fiscal account.B.an importaccount and an export account.C.a current account and a financial and capital account.D.an investment account and a consumption account.25) The model of aggregate demand and aggregate supply explains the relationshipbetween __________.A.real GDP and the price levelB.unemployment and outputC.the price andquantity of a particular goodD.wages and employment26) The open-economy macroeconomic model includes __________.A.neither the market for loanable funds or the market for foreign-currency exchange

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B.only the marketfor foreign-currency exchangeC.onlythe market for loanable fundsD.both the market for loanable funds and the market for foreign-currencyexchange27) The principal lag for monetary policy __________.A.is the time it takes for policy to change spending. The principal lag for fiscalpolicy is the time it takes to implement itB.is the time it takes to implement policy. The principal lag for fiscal policy is the timeit takes for policy to change spendingC.and fiscal policy is the time it takesfor policy to change spendingD.and fiscal policy is the time it takes to implement policy28) Which of the following best describes a mental image of a possible anddesirable future state of the organization?A.Horizontal communicationB.Vertical communicationC.VisionD.MissionE.Leadership29) Sebastian Stabilio just joined a team of people from throughout hisorganization whose primary task is to recommend valuable uses for the scrapgenerated in the manufacturing process. The team meets twice per week; otherwisemembers work within the usual organizational structure. The team, notpermanent, which Sebastian has joined, would be considered a:A.Parallel teamB.Project teamC.Working groupD.Work teamE.Project group30) An invisible barrier that makes it difficult for certain groups, such as minoritiesand women, to move beyond a certain level in the organizational hierarchy isreferred to as the:A.Glass floorB.Job enlargement conceptC.Glass ceilingD.Black box theoryE.Job enrichment theory

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