Bus 305 final exam (2014)

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BUS305 Final Exam

Question1
Marks: 1
Which of the following is NOT a characteristic of a small business?
Choose one answer.

a. Provides goods and/or services to customers

b. Provides society with social or educational services without concern for making a profit

c. Establishes goals and meets them in an efficient manner

d. Helps the economy by employing people

e. Has 500 or fewer employees

Question2
Marks: 1
What are individuals who take responsibility for the development of innovations of any kind within larger organizations called?
Choose one answer.

a. Crazy

b. Entrepreneurs

c. Inventors

d. Intrapreneurs

e. Engineers

Question3
Marks: 1
Which of the following is one of the major reasons why people want to own and operate their own business?
Choose one answer.

a. To be their own boss

b. To make a fortune

c. To have complete freedom

d. To have an easy life

e. To eliminate all pressure

Question4
Marks: 1
Choose the best answer to fill in the blank. The majority of Americans entered the business world by working for _______________, which are constantly creating jobs and providing opportunities for a vast number of workers.
Choose one answer.

a. Franchises

b. Small businesses

c. Entrepreneurs

d. Sole proprietorships

e. Not-for-profit organizations

Question5
Marks: 1
Fill in the blank. The majority of all new jobs created in the United States in recent years were generated by _________________.
Choose one answer.

a. Medium businesses

b. Small businesses

c. Large businesses

d. Corporations

e. State governments

Question6
Marks: 1
Fill in the blank. The Small Business Administration defines a small business as one with 500 or fewer _________________.
Choose one answer.

a. Investors

b. Customers

c. Employees

d. Products

e. Dollars of profit

Question7
Marks: 1
Choose the best answer to fill in the blank. An organization needs _______________, because they create more efficiency and effectiveness.
Choose one answer.

a. Owners

b. Managers

c. Employers

d. Team leaders

e. Business models

Question8
Marks: 1
Which of the following is the function where managers set goals and determine the best way to achieve them?
Choose one answer.

a. Organizing

b. Directing

c. Planning

d. Controlling

e. None of the above

Question9
Marks: 1
What type of plan relies on a predetermined formula to distribute a share of the company’s profits to eligible employees?
Choose one answer.

a. Profit-sharing

b. Bonus

c. Stock-option

d. Incentive

e. None of the above

Question10
Marks: 1
The selection process is a human resources function that does which of the following?
Choose one answer.

a. Results in the preparation of a job specification

b. Uses information gathered through employment tests and interviews

c. Focuses on publicizing openings

d. Involves the selection of external candidates only

e. None of the above

Question11
Marks: 1
Which psychologist proposed that people are motivated by five unmet needs?
Choose one answer.

a. Abraham Maslow

b. Sigmund Freud

c. Phil McGraw

d. Roger Gimme

e. Immanuel Kant

Question12
Marks: 1
Which of the following is the process of settling differences and establishing mutually agreeable conditions under which employees will work?
Choose one answer.

a. Negotiation

b. Mediation

c. Arbitration

d. Collective bargaining

e. None of the above

Question13
Marks: 1
To start any business, you must first have which of the following?
Choose one answer.

a. Investors

b. An idea

c. Capital

d. Employees

e. A business plan

Question14
Marks: 1
Fill in the blank. A(n) ______________ is considered to be a blueprint for a company.
Choose one answer.

a. Business idea

b. Business plan

c. Mission statement

d. Partnership agreement

e. Executive summary

Question15
Marks: 1
Which of the following is an important reason for preparing a business plan?
Choose one answer.

a. To persuade investors to invest in your company

b. To obtain financing from a bank

c. To use as a yardstick by which you can measure your business’s performance

d. All of the above

e. None of the above

Question16
Marks: 1
The business plan should do all of the following EXCEPT:
Choose one answer.

a. Explain the business.

b. Include estimates of income and expenses.

c. Establish a strategy for acquiring sufficient funds.

d. Include an analysis of the competition.

e. Act as a shackle to limit the business’s flexibility and decision-making.

Question17
Marks: 1
The question “What is the outlook for the industry?” is taken up in which section of the business plan?
Choose one answer.

a. “Description of Proposed Business”

b. “Mission Statement”

c. “Industry Analysis”

d. “Competitive Overview”

e. “Executive Summary”

Question18
Marks: 1
According to the information presented in the course, what are the three strategic functions of an organization?
Choose one answer.

a. Marketing, sales management and employee development

b. Operations, procurement and customer relations

c. Marketing, operations and finance

d. Finance, accounting and employee development

e. Accounting, customer relations and sales management

Question19
Marks: 1
Fill in the blank. If you decide to purchase the rights to own and operate a McDonald’s fast-food restaurant rather than start your own operation, you’re considered to be a(n) ________________.
Choose one answer.

a. Trade creditor

b. Franchisee

c. Industrialist

d. Franchiser

e. Venture capitalist

Question20
Marks: 1
What is a license to sell another’s product or to use another’s name in business called?
Choose one answer.

a. Franchise

b. Franchisee

c. Franchiser development system

d. Franchise logo

e. Franchiser

Question21
Marks: 1
Which section of the marketing plan offers the opportunity to create a compelling argument as to what you intend to do and why others should invest in the strategy?
Choose one answer.

a. “Executive summary”

b. “Strategy”

c. “Business challenge”

d. “Market”

e. “Conclusion”

Question22
Marks: 1
Which of the following most accurately describes threats to business?
Choose one answer.

a. Threats include internal positive conditions of the firm.

b. Threats include external positive conditions of the macroenvironment.

c. Threats include collaborative factors with competitors.

d. Threats include internal negative conditions of the firm.

e. Threats include external negative conditions of the macroenvironment.

Question23
Marks: 1
What type of segmentation is the vital starting point for most marketers?
Choose one answer.

a. Psychographic

b. Use-pattern

c. Demographic

d. Cultural

e. All of the above

Question24
Marks: 1
Fill in the blank. Analysis of market share is a key to understanding the firm’s ________________.
Choose one answer.

a. Social and cultural environment

b. Promotion strategy

c. Demographic strengths

d. Competitive environment

e. Marketing department

Question25
Marks: 1
Which of the following stresses customer satisfaction as the central focus of the entire organization?
Choose one answer.

a. Operations research

b. Scientific management

c. Psychographic analysis

d. The marketing concept

e. None of the above

Question26
Marks: 1
Fill in the blank. Many firms develop a formal ______________ to answer the questions: who is your target market, and how do you plan to reach them?
Choose one answer.

a. Marketing mix

b. Market vision statement

c. Marketing priority list

d. Marketing plan

e. Public relations announcement

Question27
Marks: 1
When discussing the customer segments in the marketing plan, it is important to include which of the following?
Choose one answer.

a. Segmentation analysis strategies

b. Market research objectives

c. Market share and sales goals for each segment

d. Differentiated segment strategies to reduce risk

e. Concentrated segment peripherals

Question28
Marks: 1
Which section of the business plan explains why your proposed offerings are better than those of competitors and indicates what market needs will be met by your products?
Choose one answer.

a. “Development and Production”

b. “Marketing”

c. “Global Issues”

d. “Products and Services”

e. All of the above

Question29
Marks: 1
What is the most important source of funds for any new business?
Choose one answer.

a. The Chamber of Commerce

b. The Eximbank

c. Stockholders

d. The owner

e. Donations

Question30
Marks: 1
What is the debt owed by a business to an outside individual or organization called?
Choose one answer.

a. Liability

b. Equity

c. Asset base

d. Variable outflow

e. None of the above

Question31
Marks: 1
Which of the following types of analysis shows when your total sales revenues exactly equal your expenses?
Choose one answer.

a. Odd even analysis

b. Flatline analysis

c. Breakeven analysis

d. The equilibrium point

e. All of the above

Question32
Marks: 1
What are persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock called?
Choose one answer.

a. Entrepreneurs

b. Corporate raiders

c. Venture capitalists

d. Stockholders

e. Shareholders

Question33
Marks: 1
Choose the best answer to fill in the blank. Because its cost is spread over its useful life, a long-term asset that will be used for several years—for example, a vehicle—appears on the balance sheet as a(n) ______________ expense.
Choose one answer.

a. Receivable

b. Inventory

c. Depreciation

d. Variable

e. Liability

Question34
Marks: 1
Which of the following shows organizational sales, expenses, and profit for your business?
Choose one answer.

a. Balance sheet

b. Income statement

c. Statement of cash flows

d. Returns summary

e. Executive Summary

Question35
Marks: 1
Fill in the blank. The money used to start a business and keep it running is also called ________________.
Choose one answer.

a. Capital

b. Trade

c. Currency

d. Leverage

e. Stock

Question36
Marks: 1
Fill in the blank. Rather than record sales and purchases made on credit, your statement of _____________ tells you where your cash came from and where it went.
Choose one answer.

a. Assets

b. Cash equity

c. Cash flows

d. Current cash

e. Credit

Question37
Marks: 1
Which of the following is the resource from which a company expects to gain some future benefit?
Choose one answer.

a. Liabilities

b. Owner’s equity

c. Assets

d. Capital

e. All of the above

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July 1, 2023

1. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. By using the table in the handbook, his monthly payment is __________.

$1,319.04

$1,319.40

$1,216.80

$1,139.40

2. Given the following: FIFO method - 16 units left in inventory
Jan. 1 Beginning inv 9 units at $105 = $ 945
Apr. 13 Purchased 14 units at $120 = $1,680
Sep. 17 Purchased 20 units at $130 = $2,600
Ded. 10 Purchased 14 units at $140 = $1,960

The cost of goods sold is __________.

$5,000

$10,000

$4,965

$5,225

3. Given: Sales $80,000, beginning inventory $5,000, Purchases $21,800, Purchase discounts $790, and Ending Inventory $5,100. The cost of merchandise sold from the following is __________.

$21,560

$20,190

$20,910

$21,650

4. The country of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. What is the tax rate of Blue in mills to nearest hundredth? (Be sure to round tax rate to nearest hundred thousandths before converting to mills.)

5.72

57.24

571.24

17.50

5. Angel Hart bought 190 shares of a mutual fund with a NAV of $14.10. This fund also has a load charge of 6 3/4%. What did Angel pay for the investment?

$2,697.00

$2,859.50

$2,895.00

$2,679.00

6. Given interest of $11,900 at 6% for 50 days (ordinary interest), one can calculate the principal as __________.

$1,428,005.70

$4,128,005.70

$1,428,05.70

$1,420.70

7. A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. By assuming the truck is driven 15,000 miles the first year, what would the depreciation expense would be?

$1,714

$1,500

$1,174

$1,505

8. The difference between the monthly payments on a $120,000 home at 6 1/2% versus 8% for 25 years is __________. (Use the table in the handbook.)

$81.12

$151.02

$115.20

$91.12

9. Assume the mean useful life of a particular light bulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. The useful life of light bulbs within two standard deviations of the mean is __________.

between 1,700 and 2,300 hours

longer than 2,300 hours

longer than 1,700 hours

between 1,400 and 2,600 hours

10. 9.1% of a circle graph represents __________.

32.76 degrees

37.26 degrees

42 degrees

45 degrees

11. Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative?
Answer

600

166

500

400

July 1, 2023

1. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. By using the table in the handbook, his monthly payment is __________.

$1,319.04

$1,319.40

$1,216.80

$1,139.40

The cost of goods sold is __________.

$5,000

$10,000

$4,965

$5,225

3. Given: Sales $80,000, beginning inventory $5,000, Purchases $21,800, Purchase discounts $790, and Ending Inventory $5,100. The cost of merchandise sold from the following is __________.

$21,560

$20,190

$20,910

$21,650

5.72

57.24

571.24

17.50

5. Angel Hart bought 190 shares of a mutual fund with a NAV of $14.10. This fund also has a load charge of 6 3/4%. What did Angel pay for the investment?

$2,697.00

$2,859.50

$2,895.00

$2,679.00

6. Given interest of $11,900 at 6% for 50 days (ordinary interest), one can calculate the principal as __________.

$1,428,005.70

$4,128,005.70

$1,428,05.70

$1,420.70

$1,714

$1,500

$1,174

$1,505

8. The difference between the monthly payments on a $120,000 home at 6 1/2% versus 8% for 25 years is __________. (Use the table in the handbook.)

$81.12

$151.02

$115.20

$91.12

between 1,700 and 2,300 hours

longer than 2,300 hours

longer than 1,700 hours

between 1,400 and 2,600 hours

10. 9.1% of a circle graph represents __________.

32.76 degrees

37.26 degrees

42 degrees

45 degrees

11. Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative?
Answer

600

166

500

400

July 1, 2023

61. U.S. GAAP and IFRS provide for which of the following methods of accounting for long-term leases?
A. lease option method and direct lease method.
B. direct lease method and indirect lease method.
C. lease option method and indirect lease method.
D. operating lease method and capital or financing lease method
E. primary lease method and secondary lease method.

62. The operating lease method is appropriate when the
A. lessee enjoys most of the rewards and bears most of the risks of ownership.
B. lessor enjoys most of the rewards and bears most of the risks of ownership.
C. lessor enjoys most of the rewards, only.
D. lessor bears most of the risks of ownership, only.
E. lessee enjoys most of the rewards, only.

63. The capital lease method is appropriate when the lessee enjoys most of the _____ and bears most of the _____ of ownership.
A. risks; rewards
B. rewards; risks
C. cash receipts; cash disbursements
D. cash disbursements; cash receipts
E. cash receipts; risks

64. The operating lease method is appropriate when the lessor enjoys most of the _____ and bears most of the _____ of ownership.
A. risks; rewards
B. rewards; risks
C. cash receipts; cash disbursements
D. cash disbursements; cash receipts
E. cash receipts; risks

65. Upon entering in the lease agreement, capital leases require that the lessee records
A. the leased asset, only.
B. the leased asset and the lease liability.
C. the lease liability, only
D. nothing because the lessor owns the property.
E. the present value of future cash flows as an asset, only.

66. Upon entering in the lease agreement, operating leases require that the lessee records
A. the leased asset, only.
B. the leased asset and the lease liability.
C. the lease liability, only
D. nothing because the lessor owns the property.
E. the present value of future cash flows as an asset, only.

67. The operating lease method classifies all of the lease payment each period as _____.
A. an investment use of cash on the statement of cash flows.
B. an operating use of cash on the statement of cash flows.
C. a financing use of cash on the statement of cash flows.
D. a cash expenditure.
E. none of the above

68. The capital lease method classifies the portion of the lease payment related to interest expense as an ________use of cash and the portion related to a reduction in the lease liability as a _________ use of cash.
A. operating; investing
B. operating; financing
C. financing; investing
D. investing; financing
E. financing; operating

69. Why do lessees tend to prefer the operating lease method to the capital lease method?
A. The capital lease method results in larger long-term debt and debt-equity ratios during the life of a lease than the operating lease method.
B. A larger debt ratio makes a firm appear more risky.
C. The operating lease method recognizes expense more slowly over the life of the lease than the capital lease method.
D. all of the above
E. none of the above

70. U.S. GAAP specifies criteria for a capital lease. Which of the following is not one of the criteria?
A. The lease transfers ownership of the leased asset to the lessee at the end of the lease term.
B. Transfer of ownership at the end of the lease term seems likely because the lessee has a bargain purchase option.
C. The lease extends for at least 75% of the asset’s expected useful life.
D. The lease extends for at least 50% of the asset’s expected useful life.
E. The present value of the contractual minimum lease payments equals or exceeds 90% of the fair value of the asset at the time the lessee signs the lease using a discount rate appropriate for the creditworthiness of the lessee.

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Bus 305 final exam (2014)

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