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External link to Question : 11) Suppose that households became mistrustful of the banking system : 1266977
Economics

Question : 11) Suppose that households became mistrustful of the banking system : 1266977

  11) Suppose that households became mistrustful of the banking system and decide to decrease their checking accounts and increase their holdings of currency.  Using the money demand and money supply model and assuming everything else is held constant, the equilibrium interest rate should A) increase. B) decrease. C) not change. D) increase, then decrease. 12) Using the money demand and money supply model, an […]

External link to Question : 60.Relationship conflict usually causes people to: A.use logical analysis in organizational : 1243782
Economics

Question : 60.Relationship conflict usually causes people to: A.use logical analysis in organizational : 1243782

  60.Relationship conflict usually causes people to:  A.use logical analysis in organizational decision making. B.reduce communication and information sharing with the other party. C.rethink their assumptions and beliefs about the issue that is the source of conflict. D.stay away from organizational politics and related activities. E.concentrate on the issue rather than the people involved in the issue. 61.Effective managers should:  A.increase the amount of conflict […]

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Economics

Question : 17.6   Fed Policies During the 2007-2009 Recession 1) The Federal Reserve : 1244858

  17.6   Fed Policies During the 2007-2009 Recession   1) The Federal Reserve cut the federal funds rate seven times between September 2007 and March 2008. What event led the Fed to make these reductions in the federal funds rate? A) It was in response to reductions in the discount rate, which was also lowered seven times over the same time period. B) The chairman […]

External link to Question : 51) A student at New York University used to take : 1238417
Economics

Question : 51) A student at New York University used to take : 1238417

  51) A student at New York University used to take the Redhound bus when she visited her grandmother in Boston. After graduating, although the bus fare and the plane fare were the same as they were when she was a student with a well-paid job on Wall Street, she now takes the plane to Boston to visit her grandmother. For this student, travel by […]

External link to Question : 61) One problem with measures of market concentrations that they : 1241311
Economics

Question : 61) One problem with measures of market concentrations that they : 1241311

    61) One problem with measures of market concentrations is that they do not A) account for barriers to entry. B) allow for all market types. C) account for the difficulty in collecting total revenue data. D) create meaningful comparisons across industries. E) accurately measure concentration in markets with fewer than 4 firms. 62) In monopolistic competition there A) are many firms and many […]

External link to Question : 71) The above figure shows the market for pizza. The : 1239015
Economics

Question : 71) The above figure shows the market for pizza. The : 1239015

  71) The above figure shows the market for pizza. The market is in equilibrium when new pizza firms enter the market. What point represents the most likely new price and quantity? A) A B) B C) C D) D E) E 72) The above figure shows the market for pizza. The market is in equilibrium when some of the pizza firms go out of […]

External link to Question : 5.1   The Price Elasticity of Demand 1) The price elasticity of : 1226439
Economics

Question : 5.1   The Price Elasticity of Demand 1) The price elasticity of : 1226439

    5.1   The Price Elasticity of Demand   1) The price elasticity of demand is a measure of A) the equilibrium price of a product. B) buyers’ responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects […]

External link to Question : 51.Ifeveryonebenefitsfromhelpingthepoor, a.governmentinterventioncannotimprovesocialwell-being. b.eliminatingtaxesaimedatredistributingincomewillmakerichpeoplebetteroff. c.t : 1261433
Economics

Question : 51.Ifeveryonebenefitsfromhelpingthepoor, a.governmentinterventioncannotimprovesocialwell-being. b.eliminatingtaxesaimedatredistributingincomewillmakerichpeoplebetteroff. c.t : 1261433

  51.Ifeveryonebenefitsfromhelpingthepoor, a.governmentinterventioncannotimprovesocialwell-being. b.eliminatingtaxesaimedatredistributingincomewillmakerichpeoplebetteroff. c.taxingthewealthytoraiselivingstandardsofthepoorcanpotentiallymakeeveryonebetteroff. d.privatemarketscanadequatelyprovidecharityprogramstohelpthepoor,despitefree-riderproblems. 52.Whichofthefollowingisadisadvantageofgovernmentprovisionofapublicgood? a.Thegovernmentlacksinformationaboutwhatpeoplearewillingtopayforthegood. b.Thegovernmentdoesnotprovideenoughofanypublicgood. c.Theprivatesectorcanprovideallpublicgoodsatalowercost. d.Noneoftheaboveisadisadvantage. 53.Whichofthe followingisnotacharacteristicofapublicgood? a.Itisnotexcludable. b.Itisnotdiminishedordepreciatedasadditionalpeopleconsumethegood. c.Itsbenefitscannotbewithheldfromanyone. d.Becauseitisafreegood,thereisnoopportunitycost. 54.Toachievetheoptimalprovisionofpublicgoods,the a.marketshouldbeallowedtoarriveatanequilibriumwithoutgovernmentintervention. b.governmentmustlimittheprovisionofthegoods. c.governmentmusttaxproducersofthegoods. d.governmentmusteitherprovidethegoodsorsubsidizetheirproduction. 55.Producershavelittleincentivetoproduceapublicgoodbecause a.thesocialbenefitislessthantheprivatebenefit. b.thesocialbenefitislessthanthesocialcost. c.thereisafree-riderproblem. d.thereisaTragedyoftheCommons. 56.Thegovernmentprovidespublicgoodsbecause a.privatemarketsareincapableofproducingthesetypesofgoods. b.free-ridersmakeitdifficultforprivatemarketstosupplythesociallyoptimalquantity. c.marketsarealwaysbetteroffwithsomegovernmentoversight. d.externalbenefitswillaccruetoprivateproducers. 57.Toofewresourcesaredevotedtothecreationofknowledgebecauseprofit-seekingfirms a.undervalueknowledgeintheirpursuitofrevenues. b.overusetheirpatents. c.tendtofree-rideontheknowledgethatothershavedeveloped. d.tendtorelyonexistingemployeeknowledge. 58.Aswithmanypublicgoods,determiningtheappropriatelevelofgovernmentsupportfortheproductionofgeneralknowledgeisdifficultbecause a.patentscorrectforanunknownportionoftheexternality. b.benefitsarehardtomeasure. c.membersofCongressareoftenexpertsinthesciences. d.thecostsalwaysexceedthebenefits. 59.Whichofthefollowingisadisadvantageofgovernmentprovisionofapublicgoodsuchasnationaldefense? a.(i)only b.(i)and(ii)only c.(i)and(iii)only d.(i),(ii),and(iii) 60.Theprivately-ownedschoolsysteminSmalltownhasavirtuallyunlimitedcapacity.Itacceptsallapplicantsandoperatesonbothtuitionandprivatedonations.Althougheveryresidentplacesvalueonhavinganeducatedcommunity,theschool’srevenueshavesufferedlatelyduetoalargedeclineinprivatedonationsfromtheelderlypopulation.Sincethebenefitthateachcitizenreceivesfromhavinganeducatedcommunityisapublicgood,whichof thefollowingwouldnotbecorrect? a.Thefree-riderproblemcausestheprivatemarkettoundersupplyeducationtothecommunity. b.Thegovernmentcanpotentiallyhelpthemarketreachasociallyoptimallevelofeducation. c.Ataxincreasetopayforeducationcouldpotentiallymakethecommunitybetteroff. d.Theprivatemarketisthebestwaytosupplyeducation. Table11-1   ConsiderthetownofSpringfieldwithonlythreeresidents,Sophia,Amber,andCedric.Thethreeresidentsaretryingtodeterminehowlarge,inacres,theyshouldbuildthepublicpark.Thetablebelowshowseachresident’swillingnesstopayforeachacreofthepark.   Acres Sophia Amber Cedric 1 $10 $24 $6 […]

External link to Question : Appendix: Representing Preference with Indifference Curves: Another Use of the : 1377358
Economics

Question : Appendix: Representing Preference with Indifference Curves: Another Use of the : 1377358

  Appendix: Representing Preference with Indifference Curves: Another Use of the Budget Constraint   1) ________ in economics is a measure of satisfaction or happiness that comes from consuming a good or service. A) Budget B) Utility C) Income effect D) Substitution effect 2) A(n) ________ shows the bundles of two goods that provide an equal level of satisfaction to the consumer. A) budget set […]

External link to Question : Article Summary According to the Department of Agriculture, net farm income : 1387792
Economics

Question : Article Summary According to the Department of Agriculture, net farm income : 1387792

    Article Summary According to the Department of Agriculture, net farm income will grow to a record high of $120.6 billion in 2013, up from the previous high mark in 2011 and after adjusting for inflation, its second highest level since 1973. Net cash income, however, is expected to fall by 10 percent due to unsold inventories. Exports of chickens and milk are expected […]

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July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

default image
July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

default image
July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

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