Question : 71.Winslow Inc. determined it had sold products during the month : 1302852

Economics

71.Winslow Inc. determined it had sold products during the month but not collected all of the amounts owed. Where will this amount owed be reflected in the master budget for the month?

A.On the budgeted balance sheet in the assets section

B.On the budgeted income statement

C.As part of the cash receipts section of the cash budget

D.As a reduction of inventory to be produced in the production budget

72.When using a computer program to do budgeting, which one of the following is not true?

A.A company can easily run “what if” analysis if the spreadsheet is well designed.

B.Cash flow problems generally erupt since cash is difficult to track and predict.

C.Worksheets should be formula driven so that a change in sales will update all schedules.

D.A change in the sales budget should carry throughout all the individual budgets.

73.SalaRita’s sales are 32% cash and 68% credit. Of the credit sales, 40% of credit sales are collected in the month of sale, 45% in the month following the sale, and 15% is collected two months after. Budgeted sales data is as follows:

June $200,000

July 120,000

August 150,000

How much is total ‘Accounts Receivable’ at the end of August?

A.$61,200

B.$73,440

C.$99,600

D.$108,000

74.Budgeted sales (in units) for the Rockwall Energy Drink Company are as follows:

September 45,000 units

October 60,000 units

November 40,000 units

December 75,000 units

The company wishes to have 10% of the next month’s sales on hand at the end of each month. How much is budgeted production for November?

A.43,500 units

B.40,000 units

C.47,500 units

D.36,000 units

75.SalaRita’s sales are 32% cash and 68% credit. Of the credit sales, 40% of credit sales are collected in the month of sale, 45% in the month following the sale, and 15% is collected two months after. Budgeted sales data is as follows:

June $200,000

July 120,000

August 150,000

How much is total cash collected during August?

A.$145,920

B.$105,120

C.$88,800

D.$144,000

76.Wisdom Toys has budgeted sales and production over the next quarter as follows:

Unit SalesProduction

September 43,000 44,400

October 50,000 52,800

November 64,000 61,200

The company requires that 20% of the next month’s sales in units are on hand at the end of each month. December sales are expected to be 50,000 units. How many video games are in inventory at October 31?

A.12,800 units

B.34,400 units

C.4,000 units

D.10,000 units

77.Washam Company must maintain a minimum cash balance of $25,000. At the beginning of June the company’s cash balance was $17,000. Budgeted cash receipts for June are $150,000 and budgeted cash disbursements are $201,000. Budgeted net income for July totals $11,000. How much will Washam Company need to borrow by the end of June?

A.$43,000

B.$34,000

C.$9,000

D.$59,000

78.Alpha Caps Company has budgeted production of 14,000 units and sales of 16,500 units in January. Each unit requires 12 minutes of labor. The standard labor rate is $13.00 per hour. How much are total budgeted direct labor costs for January?

A.$36,400

B.$21,840

C.$42,900

D.$2,184,000

79.Each unit produced by Terra Electronics requires 4 pounds of raw materials. The raw materials inventory must be equal to 10% of the next month’s production. Each pound of raw materials costs $2.00. Budgeted production information follows.

April 28,000 units

May 30,000 units

June 25,000 units

How much are budgeted purchases of raw materials for May?

A.$118,000

B.$236,000

C.$221,000

D.None of the answer choices are correct.

80.Shorstein Manufacturing Company purchases raw materials on account each month. Purchases are paid for according to the following schedule:

30% is paid in the month of the purchase

60% is paid in the month following the purchase

10% is paid in the second month following the purchase

Budgeted purchases are as follows:

March $75,000

April $90,000

May $85,000

How much will be reported for Accounts Payable for material purchases as of the end of May?

A.$59,500

B.$68,500

C.$87,000

D.$95,500

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July 1, 2023

41) The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

42) The above figure shows the production possibility frontier for an economy. The point or points that are attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

43) The above figure shows the production possibility frontier for an economy. The point or points that are NOT attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

44) In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of

A) producing at a point that lies beyond the PPF.

B) zero opportunity cost.

C) opportunity benefit.

D) a free lunch.

E) a tradeoff.

45) As we move along the production possibilities frontier,

A) the production of one good increases as the production of the other good decreases.

B) the possibilities of tradeoffs diminish.

C) a tradeoff is not possible because nations need all goods.

D) more of both goods can be produced.

E) less of both goods can be produced.

46) Which of the following statements is correct?

A) If capital is idle, the economy is producing at its full potential.

B) The production possibilities frontier shows that there are no limits to production.

C) A tradeoff is a limit that forces an exchange or a substitution of one thing for something else.

D) Any point on or within the PPF is production efficient.

E) None of the above answers is correct.

47) When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods

A) must increase.

B) must decrease.

C) must remain the same.

D) must change, but they might increase or decrease.

E) might increase if the nation can produce more efficiently.

48) The negative slope of the production possibilities frontier represents the idea

A) that free lunches are possible.

B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another.

C) of unemployment.

D) of inefficient production.

E) that prices rise as less is produced.

49) A movement from one point on a production possibilities frontier to another represents

A) a tradeoff.

B) a free lunch.

C) full employment of labor but not capital.

D) unemployment.

E) an advance in technology.

50) The saying "There's no such thing as a free lunch," applies

A) when there is some unemployment.

B) on the production possibilities frontier.

C) to unattainable combinations of goods and services.

D) when more of one good can be produced without decreasing production of another.

E) at all points inside the PPF.

July 1, 2023

31) Steve, an HR supervisor at APEX construction, has recently noticed a shortage of skilled workers due to a building boom in the area. He must find new workers quickly because it is uncertain how long the boom will last. He decides to hire nontraditional laborers. The most likely disadvantage of using nontraditional laborers is the:

A) high costs of making reasonable accommodations.

B) additional training that will be necessary.

C) extensive involvement of the EEOC.

D) high advertising costs.

32) Which of the following is primarily associated with hiring external candidates?

A) Lowers training costs

B) Provides new ideas and perspectives

C) Decreases recruitment time and expense

D) Motivates other workers to strive for advancement

33) One of the advantages of promoting internal candidates is:

A) rejuvenating work units.

B) reducing training costs.

C) fostering innovative ideas.

D) reducing employee turnover.

34) Tatiana needs to hire a line manager and has a very small recruiting budget. The firm's current employees don't feel they have many advancement opportunities. It would be best for Tatiana to recruit:

A) internally.

B) externally.

C) former military members.

D) nontraditional workers.

35) Which of the following is most likely a true statement about recruiting?

A) Internal recruiting enhances organizational communication.

B) External recruiting fills positions quickly and inexpensively.

C) External recruiting promotes innovation and new perspectives.

D) Internal recruiting requires developing new organizational policies.

36) Which of the following is most likely a true statement about recruiting employees in a protected class?

A) The recruiting message should be targeted to specific minority groups.

B) All private sector firms are legally required to have an affirmative action policy.

C) Using media that focuses on minorities is an effective way to recruit protected group members.

D) Intense minority competition for jobs ensures a large pool of qualified and motivated applicants.

37) Which of the following must have written affirmative action plans?

A) Non-profit groups

B) Government contractors

C) Privately-held corporations

D) Publicly-held corporations

38) In human resource planning the answer to the question, "How many candidates should we recruit?":

A) is based on the firm's affirmative action plan.

B) comes from the yield ratio calculated in the forecast.

C) is directed by EEO consideration and the size of the labor pool.

D) depends on the state of the labor pool and the current economy.

39) The offer-to-acceptance ratio at Central Manufacturing is 6:1. How many offers will the firm need to make in order to fill 80 positions?

A) 120

B) 240

C) 480

D) 540

40) After an extensive recruiting effort, your company has contacted 225 interested individuals. At the application deadline, you have received 75 applications. What is your contact-to-applicant ratio?