Economics
A lumber business cuts boards from tree trunks. This business gives the resource __________ utility.
A. possession C. place
B. time D. form
D. form
Sheila pays the minimum payment shown on her credit card bill each month. For the remaining amount
on the bill she will be charged a(n)
A. annual percentage rate.
B. annual fee.
C. late fee.
D. overdraft fee.
A. annual percentage rate
Which of the following are elements that appear in the heading of a memorandum:
A. Company, to, subject, and date C. Date, title, to, and company
B. To, title, from, and date D. To, from, date, and subject
D. To, from, date, subject
Which of the following is needed to post a web page:
A. Legal permit C. Interested audience
B. Product to sell D. Web server
D. Web server
Why is it important for team members to feel a sense of “ownership” in the vision?
A. It's the only way they will become committed to it.
B. Management cannot force compliance from them.
C. They cannot be creative otherwise.
D. They are responsible for determining the vision.
A. it's the only way they will become committed to it
A seller's market is characterized by
A. large supply B. high demand C. low prices D. equilibrium price
B. high demand
When reconciling bank statements, it is important to consider
A. checks that have not cleared. C. services not available online.
B. the number of transactions. D. the types of payroll deposits.
A. checks that have not been cleared
Which of the following is an important function of mid-level management:
A. To serve as a link between top-level and first-line management
B. To prepare workers' daily schedules
C. To make sure projects meet deadlines
D. To establish long-term objectives for the first-line management company
A. serve as a link between top-level and first-line management
Providing an uninterrupted flow of goods or materials is an important aspect of which of the following
business activities:
A. Controlling C. Directing
B. Purchasing D. Organizing
B. purchasing
If a business reduces the price of an item from $3.75 to $3.00, demand for that item will usually
A. remain the same B. increase C. fluctuate D. decrease.
B. increase
Which of the following countries is correctly paired with its economic system
A. Japan - Socialist C. Great Britain - Market
B. China - Traditional D. Cuba - Communist command
D. Cuba- communist command
What type of accounting method is being used by a small business owner who uses a computerized check-writing program that automatically posts each check into an expense category or ledger?
A. COD method B. Accrual method C. Cash method D. Check method
C. Cash method
Gabriella is writing a professional report about the trends occurring in a specific industry. What source would provide Gabriella with the most relevant, up-to-date information?
A. Trade publications C. Mailing lists
B. Online message board D. Archived government periodicals
A. trade publications
The price of raw materials used in manufacturing a product was double what had been projected for the year. Which of the following could the business determine by analyzing its financial information:
A. Variances B. Equipment costs C. Supply and demand D. Errors in forecasting
A. variances
Limited liability is a characteristic of what form of business ownership?
A. Sole proprietorship C. Corporation
B. Partnership D. Joint proprietorship
C. Corporation
Those who are in favor of socialism believe that an important advantage of a socialist command economy is
A. increased competition. B. benefit programs. C. higher profits. D. lower taxes.
B. benefit programs
Which of the following is the generally accepted accounting principle that assumes that a business has the ability to operate indefinitely:
A. Tangible existence B. Business entity C. Going concern D. Open reality
C. going concern
Which of the following U.S. laws relates to information management:
A. The Sarbanes-Oxley Act C. The Landrum-Griffin Act
B. The Sherman Anti-Trust Act D. The Taft-Hartley Act
A. Sarbanes-Oxley Act
Which of the following is an example of a business placing a blanket order with a vendor:
A. Ordering goods that are out of stock C. Ordering items in advance of the season
B. Ordering goods without specifying style D. Ordering items that usually are not carried
B. ordering goods without specifying style
The managers of several companies have gotten together to set prices for their businesses in order to
eliminate competition. What illegal activity is taking place?
A. Price fixing C. Price control
B. Price indexing D. Price discrimination
A. price fixing
Which of the following is not one of the four main idealized market structures used in trade theory:
A. Perfect competition C. monopoly
B. Perfect monopoly D. monopolistic competition
B. perfect monopoly
Which of the following is an example of a tax liability:
A. amount due on an inheritance C. credit for an eligible expense
B. deduction for a charitable contribution D. value of an exemption
A. amount due on an inheritance
A company's current balance of assets and liabilities falls under the focus of
A. working capital management. C. capital investment decisions.
B. return on capital. D. the cash conversion cycle.
A. working capital management
Which of the following is a computer-software technology that helps a business automate and track its sales, marketing, and service efforts:
A. Materials requirements planning (MRP) C. Computer-aided engineering (CAE)
B. Customer relationship management (CRM) D. Automated Clearinghouse (ACH)
B. Customer relationship management (CRM)
A business owner preparing to apply for an increased line of credit with a local bank probably would ask the accounting department to compile a
A. capital-goods analysis B. marketing-information report
C. truth-in-lending plan D. profit-and-loss statement
D. profit-and-loss statement