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Integrated Business Topics FINAL EXAM NEED HELP ASAP

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<p><br />1) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.<br />A. $50 <br />B. $75 <br />C. $65 <br />D. $60 <br /><br /><br /><br />2) Which one of the following is a product cost?<br />A. Advertising costs <br />B. Office salaries <br />C. Indirect labor <br />D. Sales person’s salaries <br /><br /><br /><br />3) The cost principle requires that when assets are acquired, they be recorded at __________.<br />A. list price <br />B. exchange price paid <br />C. appraisal value <br />D. selling price <br /><br /><br /><br />4) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.<br />A. have been approved for use by the managements of business firms <br />B. have substantial authoritative support <br />C. are proven theories of accounting <br />D. have been approved by the Internal Revenue Service <br /><br /><br /><br />5) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?<br />A. $6,000 <br />B. $28,000 <br />C. $18,000 <br />D. $12,000 <br /><br /><br /><br />6) Multinational corporations __________.<br />A. are U.S. companies that sell goods and services in other countries <br />B. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries <br />C. are U.S. companies that trade their securities on the exchanges in other countries <br />D. are required to use international accounting standards <br /><br /><br /><br />7) Of the following companies, which one would not likely employ the specific identification method for inventory costing?<br />A. Farm implement dealership <br />B. Antique shop <br />C. Hardware store <br />D. Music store specializing in organ sales <br /><br /><br /><br />8) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: <br /><br />Income Statement Balance Sheet <br />Dr. Cr. Dr. Cr. <br />Totals $58,000 $48,000 $34,000 $44,000 <br /><br /><br />The net income (or loss) for the period is __________.<br />A. $10,000 income <br />B. $10,000 loss <br />C. not determinable <br />D. $48,000 income <br /><br /><br /><br />9) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: <br /><br />Income Statement Balance Sheet <br />Dr. Cr. Dr. Cr. <br />Totals $58,000 $48,000 $34,000 $44,000 <br /><br /><br />Closing entries are necessary for __________.<br />A. temporary accounts only <br />B. both permanent and temporary accounts <br />C. permanent or real accounts only <br />D. permanent accounts only <br /><br /><br /><br />10) The primary purpose of the statement of cash flows is to __________.<br />A. prove that revenues exceed expenses if there is a net income <br />B. provide information about the cash receipts and cash payments during a period <br />C. facilitate banking relationships <br />D. provide information about the investing and financing activities during a period <br /><br /><br /><br />11) 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?<br />A. $60,000 <br />B. $75,000 <br />C. $90,000 <br />D. $150,000 <br /><br /><br /><br />12) What exists when budgeted costs exceed actual results?<br />A. An excess profit <br />B. A favorable difference <br />C. A budgeting error <br />D. An unfavorable difference <br /><br /><br /><br />13) What is value chain management best defined as?<br />A. All activities associated with providing a product or service <br />B. Management decisions that affect how quickly the production run occurs <br />C. A large chain that keeps the machines from falling on the production floor <br />D. The incremental value of costs associated with hiring a new production floor leader <br /><br /><br /><br />14) Which one of the following items is not generally used in preparing a statement of cash flows?<br />A. Additional information <br />B. Comparative balance sheets <br />C. Adjusted trial balance <br />D. Current income statement </p><p>15) Institutions in the economy that help to match one person's saving with another person's investment are collectively called the __________.<br />A. financial system <br />B. banking system <br />C. Federal Reserve system <br />D. monetary system <br /><br /><br /><br />16) The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________.<br />A. monopolistically competitive markets <br />B. imperfectly competitive markets <br />C. incomplete markets <br />D. oligopoly markets <br /><br /><br /><br />17) Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?<br />A. Unequal member ownership of the natural resource <br />B. Low price elasticity of demand <br />C. High prices <br />D. High compatibility of member interests <br /><br /><br /><br />18) A tax on an imported good is called a __________.<br />A. supply tax <br />B. tariff <br />C. trade tax <br />D. quota <br /><br /><br /><br />19) To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.<br />A. compete rather than cooperate with each other <br />B. form various degrees of cartels <br />C. cooperate rather than compete with each other <br />D. collude with each other <br /><br /><br /><br />20) What you give up to obtain an item is called your __________.<br />A. opportunity cost <br />B. true cost <br />C. explicit cost <br />D. direct cost <br />21) A production possibilities frontier will be a straight line if __________.<br />A. increasing the production of one good by x units entails no opportunity cost in terms of the other good <br />B. the economy is producing efficiently <br />C. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good <br />D. the economy is engaged in trade with at least one other economy <br />22) The open-economy macroeconomic model includes __________.<br />A. only the market for loanable funds <br />B. both the market for loanable funds and the market for foreign-currency exchange <br />C. only the market for foreign-currency exchange <br />D. neither the market for loanable funds or the market for foreign-currency exchange <br />23) The Federal Reserve will tend to tighten monetary policy when __________.<br />A. the growth rate of real GDP is quite sluggish <br />B. it thinks the unemployment rate is too high <br />C. it thinks inflation is too high today, or will become too high in the future <br />D. interest rates are rising too rapidly <br /><br /><br /><br />24) The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the:<br />A. government financial account. <br />B. financial and capital account. <br />C. balance of trade. <br />D. current account. <br /><br /><br /><br />25) Which of the following statements about GDP is correct?<br />A. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process. <br />B. Nominal GDP values production at constant prices, whereas real GDP values production at current prices. <br />C. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production. <br />D. Nominal GDP values production at current prices, whereas real GDP values production at constant prices. <br /><br /><br /><br />26) Real GDP __________.<br />A. is not a valid measure of the economy's performance, since prices change from year to year. <br />B. evaluates current production at the prices that prevailed in some specific year in the past. <br />C. is a measure of the value of goods only; it excludes the value of services. <br />D. evaluates current production at current prices. <br /><br /><br /><br />27) Most economists use the aggregate demand and aggregate supply model primarily to analyze __________.<br />A. the long-run effects of international trade policies <br />B. the effects of macroeconomic policy on the prices of individual goods <br />C. productivity and economic growth <br />D. short-run fluctuations in the economy </p><p>28) Which of these represent skills that managers need?<br />A. Interpersonal & communication, conceptual & decision making and professional <br />B. Conceptual & decision making, professional and technical <br />C. Interpersonal, quantitative, and professional <br />D. Technical, interpersonal & communication and conceptual & decision making <br />E. Professional, technical and interpersonal & communication <br /><br /><br /><br />29) Japanese manufacturers' kaizen (continuous improvement) programs enable them to maintain:<br />A. A strategic alliance <br />B. Positive working relationships with all employees <br />C. A homogeneous workforce <br />D. A Learning advantage over their competition <br />E. Larger, faster facilities <br /><br /><br /><br />30) Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true?<br />A. Anyone can start a business <br />B. Successful entrepreneurs take very careful, calculated risks <br />C. All entrepreneurs need venture capital in order to get started <br />D. Entrepreneurs are their own bosses and completely independent <br />E. Money should not be considered a start-up ingredient <br /><br /><br /><br />31) A manager's ability to stimulate people to be high performers is referred to as:<br />A. Planning <br />B. Controlling <br />C. Staffing <br />D. Organizing <br />E. Leading <br /><br /><br /><br />32) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:<br />A. Organizing <br />B. Controlling <br />C. Staffing <br />D. Planning <br />E. Goal Coordination <br /><br /><br /><br />33) Which of the following statements does NOT support Total Quality Management?<br />A. Use numerical quotas <br />B. Build long-term relationships instead of awarding business on price tag alone <br />C. Break down barriers among departments <br />D. Strive for long-term improvement rather than short-term profit <br />E. Creating silos between departments <br /><br /><br /><br />34) Which of the following best describes a mental image of a possible and desirable future state of the organization?<br />A. Vertical communication <br />B. Leadership <br />C. Vision <br />D. Mission <br />E. Horizontal communication <br /><br /><br /><br />35) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.<br />A. $2; about 25 <br />B. Less than $1; about 25 <br />C. About $2; about 15 <br />D. Less than $1; about 15 <br />E. Less than $1; about 40 <br /><br /><br /><br />36) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:<br />A. Computer-integrated manufacturing (CIM) <br />B. ISO 9000 <br />C. Just-in-time control (JIT) <br />D. Total quality management <br />E. Customer-based integration <br /><br /><br /><br />37) A manager's ability to stimulate people to be high performers is referred to as:<br />A. Planning <br />B. Controlling <br />C. Supervising <br />D. Leading <br />E. Organizing <br /><br /><br /><br />38) Building a dynamic organization is another way of describing which function of management?<br />A. Planning <br />B. Controlling <br />C. Staffing <br />D. Leading <br />E. Organizing <br /><br /><br /><br />39) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:<br />A. Diversity <br />B. Recruiting <br />C. Managerial ethics <br />D. Selection <br />E. Employment <br /><br /><br /><br />40) Which of these describes a vision, as it pertains to leadership?<br />A. A long-term goal of an organization <br />B. Likely to land you in a padded room <br />C. A short-term goal of an organization <br />D. The method through which leaders achieve goals <br />E. A mental image of a future state of an organization <br /><br /><br /><br />41) __________ is the process of working with people and resources to accomplish organizational goals.<br />A. Planning <br />B. Decision making <br />C. Supervising <br />D. Controlling <br />E. Management <br /><br />42) Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy. JBGHI demands a sample large enough to ensure an error of ± 2% with 90% confidence. What is the necessary sample size?<br />A. 1,692 <br />B. 2,401 <br />C. 609 <br />D. 1,604 <br /><br /><br /><br />43) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours with a standard deviation of 5.4 hours. <br /><br />In a left-tailed test at = .05 we would __________.<br />A. comfortably accept the claim <br />B. comfortably reject the claim <br />C. switch to alpha of 0.01 for a more powerful test <br />D. feel uncomfortable with either decision (too close) <br /><br /><br /><br />44) Which of the following statements is true?<br />A. The sum of two mutually exclusive events is one. <br />B. If A and B are independent events, the P(B) = P(A) P(B). <br />C. If event (A) occurs, then its complement (A') will also occur. <br />D. The probability of A and its complement (A') will always sum to one. <br /><br /><br /><br />45) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. <br /><br />For this sample, the standard deviation is approximately _____.<br />A. 4.55 <br />B. 4.75 <br />C. 3.75 <br />D. 3.03 <br /><br /><br /><br />46) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income. <br /><br />Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with<br />Y = number of robberies in each city (thousands of robberies) and<br />X = size of police force in each city (thousands of police)?<br />A. High R2 (due to city size). <br />B. Autocorrelation. <br />C. No correlation. <br />D. Positive slope (due to city size). <br /><br /><br /><br />47) Use the following table to answer question: <br /><br />Are Service provider and county independent events?<br />A. No <br />B. Insufficient information to determine <br />C. Yes <br />48) Which one of the following statements concerning production and staffing plans is best?<br />A. When production and staffing plans are made, aggregation can be performed only along two dimensions: products and time. <br />B. The impact of production and staffing plans cuts across several functional areas of the firm. <br />C. Production and staffing plans specify production rates, workforce levels, and inventory holdings, but do not account for capacity limitations because they are aggregated. <br />D. Production and staffing plans attempt to achieve several objectives, all of which must be consistent with one another. <br /><br /><br /><br />49) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that:<br />A. the next worker that offers to work an extra 8 hours should receive at least $80. <br />B. you would lose $80 if one of your workers missed an entire 8 hour shift. <br />C. you would be willing pay up to $60 for someone to work another 6 hours. <br />D. you can send someone home 6 hours early and still pay them the $60 they would have earned while on the clock. <br /><br /><br /><br />50) Suppose the estimated quadratic model Yt = 500 + 20 t - t2 is the best-fitting trend of sales of XYZ Inc. using data for the past twenty years (t = 1, 2,.., 20). <br /><br />Which statement is incorrect?<br />A. The trend was higher in year 10 than in year 20. <br />B. Sales are increasing by about 20 units per year. <br />C. The turning point would be in period 10. <br />D. Latest year sales are no better than in year zero. <br /><br /><br /><br />51) Which is not a tool of statistical quality control?<br />A. Fishbone diagram <br />B. Deming chart <br />C. Attribute control chart <br />D. Pareto chart <br /><br /><br /><br />52) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. <br /><br />If we fit a linear trend to data that are growing exponentially __________.<br />A. the stock's true intrinsic value is $4.12 <br />B. the absolute annual growth (in dollars per share) is increasing <br />C. few investments could match the astounding growth rate <br />D. at the end of year 3 the stock price would be nearly $80 <br /><br />53) Networks enable which of the following applications? A. Web services <br />B. All of the these <br />C. Discovery <br />D. Collaboration <br />E. Communications <br /><br /><br />54) The costs of delivering products in the _____ channel are much higher than delivering products in the _____ channel. A. physical, financial <br />B. physical, digital <br />C. e-commerce, digital <br />D. digital, physical <br />E. digital, e-commerce <br /><br /><br />55) When your purchases are swiped over the bar-code reader at the point-of-sale terminals at Wal-Mart, a _____ records the data. A. enterprise resource planning system <br />B. office automation system <br />C. transaction processing system <br />D. dashboard <br />E. functional area information system <br /><br /><br />56) Which of the following is not a source for external data? A. satellites <br />B. government reports <br />C. commercial databases <br />D. sensors <br />E. corporate databases <br /><br /><br />57) What is _____ is not necessarily _____. A. Unethical, legal <br />B. Ethical, legal <br />C. Illegal, unethical <br />D. Unethical, illegal <br />E. Ethical, illegal </p><p>58) International Game Technology’s new ERP system produced all of the following benefits except:<br />A. The company gained flexibility in manufacturing products <br />B. Operations employees were able to access manufacturing process details at their workstations <br />C. Integrated the company’s business functions <br />D. ERP system connected the company’s global operations <br />E. Company was able to maintain its original business processes <br /><br /><br /><br />59) Competitive advantage for an organization manifests as all of the following except:<br />A. increased profits <br />B. increased speed <br />C. lower costs <br />D. increased time to market <br />E. higher quality <br /><br /><br /><br />60) The management cockpit best exemplifies which type of system?<br />A. Functional area information system <br />B. Group decision support system <br />C. Decision support system <br />D. Digital dashboard <br />E. Expert system <br /><br /><br /><br />61) Which of the following are not provided by digital dashboards?<br />A. Transaction processing <br />B. Exception reporting <br />C. Status access <br />D. Drill down <br />E. Key performance indicators <br /><br /><br /><br />62) Which of the following is not a reason that managers need IT support?<br />A. Decisions must typically be made under time pressure <br />B. Decision makers are often in different locations <br />C. Decisions are becoming more complex <br />D. Number of alternatives are decreasing <br />E. Need to access remote information sources <br /><br />63) Mortgage bonds:<br />A. are a type of debenture. <br />B. can only be issued by financial institutions. <br />C. are secured by a lien on real property. <br />D. usually pay little or no interest. <br /><br /><br /><br />64) Forward rates are quoted:<br />A. in an indirect form <br />B. on financial statements <br />C. daily <br />D. in direct form and at a premium or discount <br />E. by the FDIC <br /><br /><br /><br />65) At 8% compounded annually, how long will it take $750 to double?<br />A. 6.5 years <br />B. 12 years <br />C. 48 months <br />D. 9 years <br /><br /><br /><br />66) Which of the following best represents operating income?<br />A. Income after financing activities <br />B. Income from discontinued operations <br />C. Earnings before interest and taxes <br />D. Income from capital gains <br /><br /><br /><br />67) Which of the following represents an attempt to measure the earnings of the firm’s operations over a given time period?<br />A. Income statement <br />B. Quarterly statement <br />C. Cash flow statement <br />D. Balance sheet <br /><br /><br /><br />68) Which of the following is most consistent with the hedging principle in working capital management?<br />A. Fixed assets should be financed with short-term notes payable. <br />B. Inventory should be financed with preferred stock. <br />C. Accounts receivable should be financed with short-term lines of credit. <br />D. Borrow on a floating rate basis to finance investments in permanent assets. <br /><br /><br /><br />69) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years?<br />A. 7% <br />B. 8% <br />C. 5% <br />D. 6% <br /><br /><br /><br />70) You hold a portfolio with the following securities: <br /><br />Security Percent of Portfolio Beta Return <br />X Corporation 20% 1.35 14% <br />Y Corporation 35% .95 10% <br />Z Corporation 45% .75 8% <br /><br /><br />Compute the expected return and beta for the portfolio.<br />A. 34.4%, .94 <br />B. 9.9%, .94 <br />C. 9.9%, 1.02 <br />D. 10.67%, 1.02 <br /><br /><br /><br />71) An increase in future value can be caused by an increase in the __________.<br />A. rate of return <br />B. dividends paid <br />C. original amount invested <br />D. annual interest rate and number of compounding periods <br />E. starting value <br /><br /><br /><br />72) Which of the following best represents the stream of income that is available to common stockholders?<br />A. Earnings before interest and taxes <br />B. Net profit after tax and after preferred dividend payments <br />C. Gross profit <br />D. Operating profit <br /><br /><br /><br />73) Your company is considering an investment in a project which would require an initial outlay of $300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have determined that the current after-tax cost of the firm’s capital (required rate of return) for each source of financing is as follows: <br />Cost of debt 8% <br />Cost of preferred stock 12% <br />Cost of common stock 16% <br /><br /><br />Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common stock 70%. What is the net present value of this project?<br />A. $871 <br />B. $463 <br />C. $1,241 <br />D. $1,568 <br /><br /><br /><br />74) Dublin International Corporation’s marginal tax rate is 40%. It can issue three-year bonds with a coupon rate of 8.5% and par value of $1,000. The bonds can be sold now at a price of $938.90 each. The underwriters will charge $23 per bond in flotation costs. Determine the approximate after-tax cost of debt for Dublin International to use in a capital budgeting analysis.<br />A. 6.0% <br />B. 5.1% <br />C. 8.5% <br />D. 9.2% <br /><br /><br /><br />75) If the quote for a forward exchange contract is greater than the computed price, the forward contract is:<br />A. undervalued. <br />B. overvalued. <br />C. a good buy. <br />D. at equilibrium <br /><br />76) The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:<br />A. marketing programming. <br />B. management by objective. <br />C. strategic (management) planning. <br />D. market planning.E. marketing strategy planning. </p><p><br /><br /><br /><br />77) Economists' economic-buyer theory assumes that __________.<br />A. buyers logically compare choices in order to maximize their satisfaction <br />B. demographic data are very useful for predicting consumer behavior <br />C. consumers always make rational decisions <br />D. consumers only want the cheapest price <br />E. consumers should purchase only low-priced products <br /><br /><br /><br />78) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.<br />A. Market segmentation <br />B. Brand familiarity <br />C. Customer relationship management (CRM) <br />D. Positioning <br />E. Market scanning <br /><br /><br /><br />79) Regarding organizational buying, the people who have the power to select or approve the supplier--especially for larger purchases--are called:<br />A. gatekeepers. <br />B. influencers. <br />C. users. <br />D. deciders. <br />E. buyers. <br /><br /><br /><br />80) When evaluating macro-marketing:<br />A. one must consider each individual firm's role in the marketing system. <br />B. the evaluation is necessarily subjective. <br />C. one must consider the society’s role in the marketing system. <br />D. the best approach is to consider the profit generated by individual firms within the overall system. <br />E. one must determine how efficiently the society's resources are used. <br /><br /><br /><br />81) An Australian wine producer, facing declining sales at home, set up a new channel of distribution to sell wine in the United States. This seems to be an effort at:<br />A. product development. <br />B. market development. <br />C. stratification. <br />D. diversification. <br />E. market penetration. <br /><br /><br /><br />82) When doing "positioning," a marketing manager should:<br />A. plan physical product changes rather than image changes. <br />B. avoid targeting strategies. <br />C. exclusively use focus groups. <br />D. focus on specific product features of all generic competitors. <br />E. rely on how customers think about proposed and/or existing brands in a market. <br /><br /><br /><br />83) The difference between target marketing and mass marketing is that target marketing:<br />A. does not rely on e-commerce but mass marketing does. <br />B. means focusing on a small market. <br />C. aims at increased sales, while mass marketing focuses on increased profits. <br />D. focuses on short-run objectives, while mass marketing focuses on long-run objectives. <br />E. focuses on specific customers, while mass marketing aims at an entire market. <br /><br /><br /><br />84) The statement, "Of course people will buy our product--each of its features is better than the competition," most closely reflects which consumer behavior concept?<br />A. competitive advantage <br />B. psychographics <br />C. the economic-buyer theory <br />D. reference groups <br />E. needs <br /><br /><br /><br />85) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:<br />A. production is to marketing. <br />B. branding is to pricing. <br />C. store location is to sales force selection. <br />D. personal selling is to mass selling. <br />E. pricing is to promotion. <br /><br /><br /><br />86) "Positioning":<br />A. helps strategy planners see how customers view competitors' offerings. <br />B. applies to new products--but not existing products. <br />C. is concerned with obtaining the best shelf space in retail outlets. <br />D. is useful for combining but not for segmenting. <br />E. eliminates the need for judgment in strategy planning. <br /><br /><br /><br />87) Marketing:<br />A. turns consumers into puppets. <br />B. creates materialistic values which did not exist before. <br />C. reflects existing social values in the short run--while reinforcing these values in the long run. <br />D. is only propaganda. <br />E. not important if you have a good product. <br /><br />88) Minimum wages, hours of employment, and child labor are regulated by the:<br />A. Regulated Hours Act. <br />B. Right to Work Laws. <br />C. Federal Employment Act of 1940. <br />D. Fair Labor Standards Act. <br /><br /><br /><br />89) In which of the following are these steps of a criminal case listed in the correct order?<br />A. Arrest, indictment, arraignment, trial <br />B. Arraignment, arrest, trial, indictment <br />C. Indictment, arraignment, arrest, trial <br />D. Arrest, arraignment, indictment, trial <br />E. Arrest, indictment, trial, arraignment <br /><br /><br /><br />90) Under Section 2 of the Sherman Act, rather than making a presumption whether monopoly power exists, the courts will examine all the facts and circumstances to determine whether monopoly power exists when the defendant holds between _____ percent and _____ percent of the relevant market:<br />A. 20;70 <br />B. 30;80 <br />C. 0;50 <br />D. 33;70 <br />E. 50;70 <br /><br /><br /><br />91) Probable cause is most directly associated with which step of the criminal process?<br />A. Indictment <br />B. Arrest <br />C. Plea bargaining <br />D. Arraignment <br />E. Jury deliberations <br /><br /><br /><br />92) Which of the following activities by an administrative agency requires public notice and participation?<br />A. Substantive rule making, interpretive rule making, and statements of policy. <br />B. Substantive rule making only. <br />C. Substantive rule making and statements of policy only. <br />D. Statements of policy only. <br />E. Substantive rule making and interpretive rule making only. </p><p>93) The Houston-based energy company that filed for Chapter 11 bankruptcy and whose business conduct is one of the grossest examples of corporate greed and fraud in America was:<br />A. Mobil Oil Company. <br />B. Shell Oil Company. <br />C. Houston Oil and Gas Corporation. <br />D. Enron Corporation. <br />E. Exxon Corporation. <br /><br /><br /><br />94) A professional corporation is one that:<br />A. Does not have shareholders. <br />B. Is formed with the assistance of a lawyer. <br />C. Is typically used as a form of doing business by doctors and lawyers. <br />D. Has been in existence long enough to reasonably assure that it will be profitable in the near future. <br /><br /><br /><br />95) What makes a publicly held corporation different from a public corporation?<br />A. They are two terms that have the same meaning. <br />B. A publicly held corporation has many shareholders rather than being a corporation owned by a governmental entity. <br />C. A publicly held corporation must have a charitable purpose, but a public corporation need not have a charitable purpose. <br />D. A publicly held corporation is entitled to limited liability, but a public corporation is not. <br /><br /><br /><br />96) Which of the following is true about trademark registration?<br />A. The registration of a trademark can be renewed an unlimited number of times. <br />B. Trademark registration is optional because protection is automatic. <br />C. A trademark must be registered prior to its actual use in commerce. <br />D. Once a trademark is registered, protection cannot be lost. <br /><br /><br /><br />97) If you are a creditor, your best protection in the event of the debtor’s bankruptcy (including protection from the debtor’s other creditors) is usually obtained if you had previously received:<br />A. Audited financial statements of the debtor. <br />B. The debtor’s agreement to pay you first. <br />C. A security interest granted by the debtor. <br />D. A written promise from the debtor to pay the debt as agreed. </p><p>98) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.<br />A. Great Britain, Paraguay <br />B. Canada, Venezuela <br />C. Mexico, Canada <br />D. Mexico, Venezuela <br />E. Canada, Mexico <br /><br /><br /><br />99) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?<br />A. Canada <br />B. Japan <br />C. Mexico <br />D. China <br />E. Ecuador <br /><br /><br /><br />100) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.<br />A. About $2; about 15 <br />B. Less than $1; about 15 <br />C. Less than $1; about 25 <br />D. $2; about 25 <br />E. Less than $1; about 40 <br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /></p>
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