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Latest Updates to the BUS 475 Final Exam Guide

Updated study guide for the BUS 475 final exam.

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    Latest Updates to the BUS 475 Final Exam Guide Good Luck! 3) What effect do current technology changes have on managerial accounting? A. Increase in product costs B. Reduction of reporting costs of managerial accounting information C. Creation of the middleman D. Reduction of emphasis on the value chain 14) The cost principle is the basis for preparing financial statements because it is __________? A. an international accounting standard B. a conservative value C. the most accurate measure of purchasing power D. relevant and objectively measured, and verifiable 16) Which of the following would be most likely to contribute to the breakdown of a car tel in a natural reso urce (e.g., bauxite) market? A. High compatibility of member interests B. High prices C. Unequal member ownership of the natural resource D. Low price elasticity of demand 17) Assume oligopoly firms are profit maximizers, th ey do not form a cartel, and the y ta ke other firms' production levels as given. Then in equilibrium the output effect _______ ___. A. must balance with the price effect

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    B. must dominate the price effect C. can be larger or smaller than the price effect A. must balance with the price effect D. must be smaller than the price effect 18) When, in a particular market, the law of deman d and the law of supply both app ly, t he imposition of a binding price ceiling in that market causes quantity demanded to be _ _________? A. equal to quantity supplied B. greater than quantity supplied C. double the quantity supplied D. less than quantity supplied 20) If a binding price ceiling were imposed in the c omputer market, __________. A. a shortage of computers would develop B. the demand for computers would increase C. the quality of computers would increase D. the supply of computers would decrease 21) When a firm sells a good or a service, the sale contributes to the nation’s income __ ________. A. only if the buyer of the good or service is a household B. whether the buyer of the good or a service is a household, an other firm, or the government C. We have to know whether the item being sold is a good or a service in order to answ er the question

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    D. only if the buyer of the good or service is a household or another firm 24) The model of aggregate demand and aggregate supply explains the relationship bet ween __________. A. the price and quantity of a particular good B. wages and employment C. real GDP and the price level A. the price and quantity of a particular good D. unemployment and output 25) In the market for foreign currency exchange in the open economy macroeconomic model, the amount of net capi tal outflow represents the q uantity of dollars __________. A. supplied for the purpose of selling assets domestically B. demanded for the purpose of buying U.S. net exports of goods and services C. demanded for the purpose of importing foreign goods and services D. supplied for the purpose of buying assets abroad 26) Many U.S. business leaders argue that the current state of U.S. net exports is the res ult of __________. A. U.S. export subsidies. B. unproductive U.S. workers. C. unfair foreign competition. D. free trade policies of foreign governments. 27) The balance of payment account is made up of: A. a current account and a financial and capital account. B. an investment account and a consumption account.

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