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College Assignment: Comprehensive Business and Economic Concepts Assessment

This document assesses key business and economic concepts in a college-level assignment.

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    College Assignment: Comprehensive Business and Economic Concepts Assessment 1) A well - designed activity - based costing system starts with __________. A. analyzing the activities performed to manufacture a product B. assigning manufacturing overhead costs for each activity cost pool to products C. computing th e activity - based overhead rate D. identifying the activity - cost pools 2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________. A. have been approved for use by the managements of business firms B. have been approved b y the Internal Revenue Service C. have substantial authoritative support D. are proven theories of accounting 3) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr. Totals $58,000 $48,000 $34,000 $44,000 The net income (or loss) for the period is __________. A. not determinable B. $10,000 loss C. $10,000 income D. $48,000 income 4) These are selected account balances on December 31, 2008. Land (location of the corporation's office building) $150,000 Land (held for future use) 225,000 Corporate Office Building 900,000 Inventory 300,000 Equipment 675,000 Office Furniture 150,000 Accumulated Depreciation 450,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $1,425,000 B. $1,950,000 C. $2,400,000 D. $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 pool B. assign manufacturing overhead costs for each activity cost pool to products C. identify and classify the major activities involved in the manufacture of specific products D. compute the activity - based overhead rate per cost driver 6) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point? A. 2,133 units B. 4,600 units C. 6,200 units D. $25,600 7) 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 that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March? A. $8,250 B. $5,250 C. $750 D. $4,500 8) These are selected account balances on December 31, 2008. Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000 B. $1,300,000 C. $1,600,000 D. $1,100,000 9) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr.

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    Totals $58,000 $48,000 $34,000 $44,000 Closing entries are necessary for __________. A. p ermanent or real accounts only B. permanent accounts only C. both pe rmanent and temporary accounts D. temporary accounts only 10) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead? A. The western divi sion’s vice president’s salary B. Factory janitor C. Cost of la ndscaping the corporate office D. General corporate liability insurance 11) The cost of an asset and its fair market value are __________. A. the same on the date of acquisition B. never the same C. t he same when the asset is sold D. irrelevant when the asset is used by the business in its operations 12) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers? A. $90,000 B. $150,000 C. $60,000 D. $75,000 13) The cost principle is the basis for preparing financial statements because it is __________. A. the most accura te measure of purchasing power B. a conservative value C. relevant and objectively measured, and verifiable D. an international accounting standard 14) Which one of the following items is not generally used in preparing a statement of cash flows?

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    A. Additional information B. Adjusted trial balance C. Comparative balance sheets D. Current income statement 15) To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________. A. cooperate rather than com pete with each other B. collude with each other C. f orm various degrees of cartels D. compete rather than cooperate with each other 16) Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms' production levels as given. Then in equilibrium the output effect __________. A. can be larger or smaller than the price effect B. must dominate the price effect C. must be smaller than the price effect D. must balance with the price effect 17) The price of a good that prevails in a world market is called the A. world price. B. absolute price. C. relative price. D. comparative price. 18) A country's consumption possibilities frontier can be outside its production possibilities frontier if __________. A. the countr y imports more than it exports B. the country’s technology is superior to the t echnologies of other countries C. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries D. the country engages in trade 19) When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________. A. double the quantity supplied B. less than quantity supplied C. greater than quantity supplied D. equal to quantity supplied 20) If a binding price ceiling were imposed in the computer market, __________.

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    A. the quali ty of computers would increase B. the supp ly of computers would decrease C. the demand for computers would increase D. a shortage of computers would develop 21) 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 college B. should be counted only to the extent that they are more expensive at college than elsewhere C. should be counted in full, regardless of the costs of eating and sleeping elsewhere D. usually exceed the opportunity cost of going to college 22) In the market for foreign - currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________. A. demanded for the purpose of import ing foreign goods and services B. supplied for the purpose of buying assets abroad C. supplied for the purpose of selling assets domestically D. demanded for the purpose of buying U.S. net exports of goods and services 23) The part of the balance of payments account that records the amount of foreign currency 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 accou nt and a fiscal account. B. an import account 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 relationship between __________. A. real GDP and the price level B. unemployment and output C. the price and quantity of a particular good D. wages and employment 26) 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 market for foreign - currency exchange C. only the market for loanable funds D. both the market for loanable funds and the market for foreign - currency exchange 27) The principal lag for monetary policy __________. A. is the time it takes for policy to change spending. The principal lag for fiscal policy is the time it takes to implement it B. is the time it takes to implement policy. The principal lag for fiscal policy is the time it takes for policy to change spending C. and fiscal policy is the time it takes for policy to change spending D. and fiscal policy is the time it takes to implement policy 28) Which of the following best describes a mental image of a possible and desirable future state of the organization? A. Horizontal communication B. Vertical communication C. Vision D. Mission E. Leadership 29) Sebastian Stabilio just joined a team of people from throughout his organization whose primary task is to recommend valuable uses for the scrap generated in the manufacturing process. The team meets twice per week; otherwise members work within the usual organizational structure. The team, not permanent, which Sebastian has joined, would be considered a: A. Parallel team B. Project team C. Working group D. Work team E. Project group 30) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the: A. Glass floor B. Job enlargement concept C. Glass ceiling D. Black box theory E. Job enrichment theory

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