BUS/475 Final Exam Study Guide

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BUS/475 Final Exam StudyGuide1)Because the United Stateshas had along time agreement with __blank__ after the passage ofNAFTA, ___blank__ became theUS’s 2ndbiggesttrading partner.Canada, MexicoExplanation: NAFTA has allowed Mexico tohave a much greater trade relationship with the UnitedStates.2) The term generally accepted contained inthesaying“generally accepted accounting principles”meanswhat about the principles?They havesubstantial authoritative supportExplanation:Known as GAAP in the accounting world, these principle are accepted by virtually allbusinesses that conduct operations in the United States.3)Which function of managementis defined by building a dynamic organization?OrganizingExplanation: The ability to organize is considered essential when building a dynamic business.4)Billy Bob's Used Car Salesuses the specific identification methodforcosting inventory.In themonth ofJune,Billy Bobbought3cars for $6,000, $7,500, and $9,750.DuringJune, two cars aresold for $9,000a pop.Billy Bobdetermines that atJune31, the $9,750 caron the lot.What is thegross profit in June?$4,500Explanation: The solution is found bysumming up the cost of all cars, then summing up total sales,then subtracting the car still on hand to get $4,500 gross profit.5)Hostess, Inc. sells oneproduct with a contribution margin of $12 per unitand fixed costs of$74,400. Sales for the current year have reached a total of$100,000.What is the breakeven pointfor Hostess?6,200 unitsExplanation: The solution is found by using the formula 12x = 74,000. Ignore the 100,000, that numberisjust there to trick you!6) As Plant Controller, your manager asks you to reduce your overhead costs.What would be calledmanufacturing overhead?

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