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Question : 111) Because government benefits paid by most universal programs taxable, : 1384340

Economics

 

111) Because government benefits paid by most universal programs are taxable, their net after-tax yield depends on the income of the recipient. Hence

A) gross payments may be universal, but net benefits are not.

B) gross payments may not be universal, but net benefits are.

C) gross payments may not be universal, and net benefits are not.

D) gross payments and net benefits are universal.

E) only higher-income households can benefit fully from such programs.

112) The debate about the appropriate balance between the public and private sectors

A) has been solved in Canada.

B) is about the marginal benefits of public spending versus the marginal benefits of private spending, received for the last dollar spent.

C) was solved by John Kenneth Galbraith in his book The Affluent Society.

D) was solved by James Buchanan, a Nobel laureate.

E) should be decided by economists because they know the right balance.

113) Social and economic policies often involve a tradeoff between efficiency and equity because

A) income redistribution increases incentives for efficient behaviour of economic units.

B) economic units who are efficient completely dislike equity.

C) income redistribution often reduces incentives for efficient behaviour of economic units.

D) the economy can achieve efficient allocation of resources by starting with unequal allocation of resources.

E) it is not possible to improve efficiency with economic policies.

114) Welfare recipients are sometimes faced with a withdrawal of welfare benefits and an increase in income tax as their earned income rises. This creates a problem because

A) firms become unwilling to hire people that are currently unemployed.

B) of the powerful disincentives to work for low-income individuals.

C) of the incentives for workers to shirk and/or retire early.

D) of the incentives for firms to lay off workers more frequently for short periods.

E) it is administratively difficult to track these individuals.

115) What is a demogrant?

A) A federal transfer to individuals that is administered through the tax system.

B) A federal transfer to provincial governments that is adjusted annually based on demographic shifts in the province.

C) A social benefit that is paid to individuals according to their demographic group (race, age or income group, for example).

D) A social benefit that is paid to individuals depending on their income.

E) A social benefit that is paid to individuals, regardless of their income.

116) The five pillars of Canadian social policy are

A) education, health care, foreign aid, agricultural support, and retirement benefits.

B) education, health care, agricultural support, research and development, and retirement benefits.

C) education, health care, foreign aid, employment insurance and welfare payments.

D) education, health care, welfare payments, foreign aid, and employment insurance.

E) education, health care, income support, employment insurance and retirement benefits.

117) An efficiency argument for public provision of basic education is that

A) many poor families could not afford to educate their children if they had to pay for it themselves.

B) society as a whole benefits when all of its citizens have the basic skills and knowledge acquired from kindergarten to grade 12.

C) the government is best able to assess the level of provision for which marginal cost equals marginal benefit.

D) the government can best provide education up to that point where marginal benefit is zero.

E) education cannot be efficiently provided by private firms.

118) The efficiency argument for government provision of health care is that

A) many poor people could not afford health care if they had to pay for it.

B) the government is best able to assess the level of provision for which marginal cost equals marginal benefit.

C) the government can provide health care up to that point where marginal benefit is zero.

D) a healthy population is important to the smooth functioning of a country and its economy.

E) health care cannot be efficiently provided by private firms.

119) Consider the allocation of a nation’s resources between additional public-sector spending versus additional private spending. John Kenneth Galbraith argued that

A) the value of the marginal dollar spent by government is less than the value of that dollar left in the hands of households or firms.

B) public sector spending is always subject to corruption and is therefore not as valuable as private spending.

C) the marginal utility of an additional dollar’s worth of spending on public goods is higher than an additional dollar’s worth of spending on private goods.

D) compared to public spending, private spending leads to more sustained long-run economic growth.

E) compared to private spending, public spending leads to more sustained long-run economic growth.

120) Consider the allocation of a nation’s resources between additional public-sector spending versus additional private spending. James Buchanan argued that

A) given the current size of government, the value of the marginal dollar spent by government is less than the value of that dollar left in the hands of households or firms.

B) public sector spending is always subject to corruption and is therefore not as valuable as private spending.

C) the marginal utility of an additional dollar’s worth of spending on public goods is higher than an additional dollar’s worth of spending on private goods.

D) compared to public spending, private spending leads to more sustained long-run economic growth.

E) compared to private spending, public spending leads to more sustained long-run economic growth.

 

 

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Multiple Choice Questions 

44.The classification and normal balance of the accounts receivable account is:   

A. an asset with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. a revenue with a debit balance

 

 

 

45.The classification and normal balance of the salaries expense account is:   

A. an expense with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. an expense with a debit balance

 

 

 

46.A business earns $4,000 from various charge account clients. To record this transaction, the business would:   

A. Debit Accounts Receivable; Credit Cash

 

B. Debit Accounts Receivable; Credit Revenue

 

C. Debit Cash; Credit Accounts Receivable

 

D. Debit Accounts Payable; Credit Revenue

 

 

 

47.Select the entry below that records paying employees for work performed during the pay period?   

A. debit Cash and credit Salary Expense

 

B. debit Salary Expense and credit Cash

 

C. debit Salary Expense and credit Accounts Receivable

 

D. debit Cash, and credit Accounts Receivable

 

 

 

48.A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:   

A. Debiting Accounts Payable; Crediting Utilities Expense

 

B. Debiting Utilities Expense; Crediting Accounts Receivable

 

C. Debiting Utilities Expense; Crediting Accounts Payable

 

D. Debiting Utilities Expense; Crediting Cash

 

 

 

49.A business purchases equipment costing $4,000. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:   

A. Debit Equipment $2,500; Credit Accounts Payable $2,500

 

B. Debit Equipment $1,500; Credit Cash $1,500

 

C. Debit Equipment $4,000; Credit Accounts Payable $4,000

 

D. Debit Equipment $4,000; Credit Cash $1,500 and Credit Accounts Payable $2,500

 

 

 

50.A business performed $6,000 of services. Their customer paid $1,000 of the amount owed right away but charged the remaining amount. To record this transaction, the business would:   

A. Debit Cash $1,000 and Debit Accounts Receivable $5,000; Credit Fee Income $6,000

 

B. Debit Accounts Receivable $5,000 and; Credit Fee Income $5,000

 

C. Debit Cash $1,000; Credit Fee Income $1,000

 

D. Debit Cash $1,000; Credit Accounts Payable $5,000 and Credit Fee Income $6,000

 

 

 

51.Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?   

A. debit Cash and credit Ty Knott, Capital

 

B. debit Cash and credit Salary Expense

 

C. debit Salary Expense and credit Cash

 

D. debit Ty Knott, Drawing, and credit Cash

 

 

 

52.The ending capital balance appears on which of the following statement(s)?   

A. Statement of owner's equity

 

B. Income Statement

 

C. Statement of owner's equity and balance sheet

 

D. Statement of owner's equity and income statement

 

 

 

53.On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is $11,000 and Drawing for the year is $6,000, the ending capital amount would be   

A. $30,000.

 

B. $35,000.

 

C. $47,000.

 

D. $25,000.

Beginning Capital, $30,000 + Net Income, $11,000 - Drawing, $6,000 = Ending Capital, $35,000.

 

 

 

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July 1, 2023
    

 

Multiple Choice Questions 

44.The classification and normal balance of the accounts receivable account is:   

A. an asset with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. a revenue with a debit balance

 

 

 

45.The classification and normal balance of the salaries expense account is:   

A. an expense with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. an expense with a debit balance

 

 

 

46.A business earns $4,000 from various charge account clients. To record this transaction, the business would:   

A. Debit Accounts Receivable; Credit Cash

 

B. Debit Accounts Receivable; Credit Revenue

 

C. Debit Cash; Credit Accounts Receivable

 

D. Debit Accounts Payable; Credit Revenue

 

 

 

47.Select the entry below that records paying employees for work performed during the pay period?   

A. debit Cash and credit Salary Expense

 

B. debit Salary Expense and credit Cash

 

C. debit Salary Expense and credit Accounts Receivable

 

D. debit Cash, and credit Accounts Receivable

 

 

 

48.A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:   

A. Debiting Accounts Payable; Crediting Utilities Expense

 

B. Debiting Utilities Expense; Crediting Accounts Receivable

 

C. Debiting Utilities Expense; Crediting Accounts Payable

 

D. Debiting Utilities Expense; Crediting Cash

 

 

 

49.A business purchases equipment costing $4,000. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:   

A. Debit Equipment $2,500; Credit Accounts Payable $2,500

 

B. Debit Equipment $1,500; Credit Cash $1,500

 

C. Debit Equipment $4,000; Credit Accounts Payable $4,000

 

D. Debit Equipment $4,000; Credit Cash $1,500 and Credit Accounts Payable $2,500

 

 

 

50.A business performed $6,000 of services. Their customer paid $1,000 of the amount owed right away but charged the remaining amount. To record this transaction, the business would:   

A. Debit Cash $1,000 and Debit Accounts Receivable $5,000; Credit Fee Income $6,000

 

B. Debit Accounts Receivable $5,000 and; Credit Fee Income $5,000

 

C. Debit Cash $1,000; Credit Fee Income $1,000

 

D. Debit Cash $1,000; Credit Accounts Payable $5,000 and Credit Fee Income $6,000

 

 

 

51.Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?   

A. debit Cash and credit Ty Knott, Capital

 

B. debit Cash and credit Salary Expense

 

C. debit Salary Expense and credit Cash

 

D. debit Ty Knott, Drawing, and credit Cash

 

 

 

52.The ending capital balance appears on which of the following statement(s)?   

A. Statement of owner's equity

 

B. Income Statement

 

C. Statement of owner's equity and balance sheet

 

D. Statement of owner's equity and income statement

 

 

 

53.On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is $11,000 and Drawing for the year is $6,000, the ending capital amount would be   

A. $30,000.

 

B. $35,000.

 

C. $47,000.

 

D. $25,000.

Beginning Capital, $30,000 + Net Income, $11,000 - Drawing, $6,000 = Ending Capital, $35,000.

 

 

 

default image
July 1, 2023
    

 

Multiple Choice Questions 

44.The classification and normal balance of the accounts receivable account is:   

A. an asset with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. a revenue with a debit balance

 

 

 

45.The classification and normal balance of the salaries expense account is:   

A. an expense with a credit balance

 

B. a liability with a debit balance

 

C. an asset with a debit balance

 

D. an expense with a debit balance

 

 

 

46.A business earns $4,000 from various charge account clients. To record this transaction, the business would:   

A. Debit Accounts Receivable; Credit Cash

 

B. Debit Accounts Receivable; Credit Revenue

 

C. Debit Cash; Credit Accounts Receivable

 

D. Debit Accounts Payable; Credit Revenue

 

 

 

47.Select the entry below that records paying employees for work performed during the pay period?   

A. debit Cash and credit Salary Expense

 

B. debit Salary Expense and credit Cash

 

C. debit Salary Expense and credit Accounts Receivable

 

D. debit Cash, and credit Accounts Receivable

 

 

 

48.A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:   

A. Debiting Accounts Payable; Crediting Utilities Expense

 

B. Debiting Utilities Expense; Crediting Accounts Receivable

 

C. Debiting Utilities Expense; Crediting Accounts Payable

 

D. Debiting Utilities Expense; Crediting Cash

 

 

 

49.A business purchases equipment costing $4,000. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:   

A. Debit Equipment $2,500; Credit Accounts Payable $2,500

 

B. Debit Equipment $1,500; Credit Cash $1,500

 

C. Debit Equipment $4,000; Credit Accounts Payable $4,000

 

D. Debit Equipment $4,000; Credit Cash $1,500 and Credit Accounts Payable $2,500

 

 

 

50.A business performed $6,000 of services. Their customer paid $1,000 of the amount owed right away but charged the remaining amount. To record this transaction, the business would:   

A. Debit Cash $1,000 and Debit Accounts Receivable $5,000; Credit Fee Income $6,000

 

B. Debit Accounts Receivable $5,000 and; Credit Fee Income $5,000

 

C. Debit Cash $1,000; Credit Fee Income $1,000

 

D. Debit Cash $1,000; Credit Accounts Payable $5,000 and Credit Fee Income $6,000

 

 

 

51.Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?   

A. debit Cash and credit Ty Knott, Capital

 

B. debit Cash and credit Salary Expense

 

C. debit Salary Expense and credit Cash

 

D. debit Ty Knott, Drawing, and credit Cash

 

 

 

52.The ending capital balance appears on which of the following statement(s)?   

A. Statement of owner's equity

 

B. Income Statement

 

C. Statement of owner's equity and balance sheet

 

D. Statement of owner's equity and income statement

 

 

 

53.On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is $11,000 and Drawing for the year is $6,000, the ending capital amount would be   

A. $30,000.

 

B. $35,000.

 

C. $47,000.

 

D. $25,000.

Beginning Capital, $30,000 + Net Income, $11,000 - Drawing, $6,000 = Ending Capital, $35,000.

 

 

 

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