3.2 Optimization in Levels 1) To carry out an optimization analysis: A) different types of costs are measured in different units. B) only direct costs incurred in a project are to be estimated. C) only indirect costs incurred in a project are to be estimated. D) all costs are required to be converted to a same unit of measurement. 2) If the opportunity cost […]
1.What do the dots in a Lewis symbol represent? A) protons B) valence electrons C) innermost (core) electrons D) the nucleus E) mass number 2.What is the Lewis symbol of the fluoride ion? A) B) C) D) E) 3.What are the two principal classes of bonding called? A) ionic bonding and nuclear bonding B) covalent bonding and hydrogen bonding C) hydrogen bonding and […]
71. Which of the following is least liquid? A. Foreign currency B. U.S. Treasury bonds C. Rare coins D. Savings deposit 72. Financial markets and intermediaries: A. channel savings to real investment. B. enable investors and businesses to reduce risk. C. provide liquidity. D. all of these. 73. Which of the following functions does not require financial markets? A. Transporting of cash across time B. Provision of liquidity C. Risk reduction by investment in diversified […]
161.RefertoFigure3-15.IfPerryandJordanswitchfromeachpersondividingtheirtimeequallybetweentheproductionofnovelsandpoemstoeachpersonspendingalloftheirtimeproducingthegoodinwhichtheyhaveacomparativeadvantage,thentotalproductionofnovelswillincreaseby a.1. b.2. c.3. d.4. 162.RefertoFigure3-15.IfPerryandJordaneachspendsallofhis/hertimeproducingthegoodinwhichs/hehasacomparativeadvantageandtradetakesplaceatapriceof1novelfor7poems,then a.PerryandJordanwillbothgainfromthistrade. b.Perrywillgainfromthistrade,butJordanwillnot. c.Jordanwillgainfromthistrade,butPerrywillnot. d.neitherPerrynorJordanwillgainfromthistrade. Figure3-16 Hosne’sProductionPossibilitiesFrontierMerve’sProductionPossibilitiesFrontier 163.RefertoFigure3-16.Hosne’sopportunitycostofonepurseis a.4/5walletandMerve’sopportunitycostofonepurseis2/3wallet. b.4/5walletandMerve’sopportunitycostofonepurseis3/2wallets. c.5/4walletsandMerve’sopportunitycostofonepurseis2/3wallet. d.5/4walletsandMerve’sopportunitycostofonepurseis3/2wallets. 164.RefertoFigure3-16.Hosne’sopportunitycostofonewalletis a.4/5purseandMerve’sopportunitycostofonewalletis2/3purse. b.4/5purseandMerve’sopportunitycostofonewalletis3/2purses. c.5/4pursesandMerve’sopportunitycostofonewalletis2/3purse. d.5/4pursesandMerve’sopportunitycostofonewalletis3/2purses. 165.RefertoFigure3-16.Hosnehasanabsoluteadvantageintheproductionof a.pursesandMervehasanabsoluteadvantageintheproductionofwallets. b.walletsandMervehasanabsoluteadvantageintheproductionofpurses. c.bothgoodsandMervehasanabsoluteadvantageintheproductionofneithergood. d.neithergoodandMervehasanabsoluteadvantageintheproductionofbothgoods. 166.RefertoFigure3-16.Hosnehasacomparativeadvantageintheproductionof a.pursesandMervehasacomparativeadvantageintheproductionofwallets. b.walletsandMervehasacomparativeadvantageintheproductionofpurses. c.bothgoodsandMervehasacomparativeadvantageintheproductionofneithergood. d.neithergoodandMervehasacomparativeadvantageintheproductionofbothgoods. 167.RefertoFigure3-16.Hosneshouldspecializeintheproductionof a.purses. b.wallets. c.bothgoods. d.neithergood. 168.RefertoFigure3-16.Merveshouldspecializeintheproductionof a.purses. b.wallets. c.bothgoods. d.neithergood. 169.RefertoFigure3-16.IfHosneandMerveswitchfromeachpersondividinghertimeequallybetweentheproductionofpursesandwalletstoeachpersonspendingallofhertimeproducingthegoodinwhichshehasacomparativeadvantage,thentotalproductionofpurseswillincreaseby a.2. b.3. c.5. d.10. 170.RefertoFigure3-16.AtwhichofthefollowingpriceswouldbothHosneandMervegainfromtradewitheachother? a.5walletsfor1.25purses b.5walletsfor2.5purses c.5walletsfor3.75purses d.HosneandMervecouldnotbothgainfromtradewitheachotheratanyprice. Figure3-17 Maxine’sProductionPossibilitiesFrontierDaisy’sProductionPossibilitiesFrontier […]
68.If the law of one price holds and the price of an apple in the U.S. is $1.50 while the price of an apple in Japan is ¥174.00, then what should the spot exchange rate for ¥/$ be? a..0086 b..5747 c.116.00 d.none of the above 69.If the law of one price holds and the price of a Big Mac in the U.S. is $1.99 […]
11.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market 1) One reason why the coffeehouse market is competitive is that A) demand for specialty coffee is very high. B) it is trendy and therefore is likely to have a customer following. C) barriers to entry are low. D) consumption takes place in public. 2) The reason that […]
11) Increases in autonomous expenditure induce ________ in aggregate expenditure thereby making the multiplier ________. A) further increases; greater than one B) further increases; less than one C) a decrease; greater than one D) a decrease; less than one E) further increases; unnecessary 12) If investment increases by $100, then the aggregate expenditure model concludes that equilibrium expenditure A) increases by $100. […]
11) Workforce diversity can most likely enhance organizational effectiveness by: A) reducing training costs and improving quality. B) decreasing communications problems and conflicts. C) creating greater human resource system stability. D) increasing creativity and improving problem solving. 12) Colgate’s rise to the top spot in the oral care market is primarily considered a result of: A) product development teams focusing on aging populations. […]
Table 6-2 Estimated Price Elasticity of Demand Coca-Cola -3.0 All carbonated soft drinks -1.5 All soft drinks -0.8 27) Refer to Table 6-2. Assume that an economist has estimated the price elasticity of demand values in the table above. Use the data in the table to select the correct statement. A) The demand for Coca-Cola is inelastic. B) […]
31. Announcing one’s dissatisfaction with a relationship but opening things up for discussion and negotiation is an example of a(n) _____ strategy. A. direct, other-oriented B. indirect, other-oriented C. direct, self-oriented D. indirect, self-oriented 32. The most common situation leading to a break up is: A. sudden onset of discontent. B. shared desire between both partners to end the relationship. C. gradual dissatisfaction. D. the presence of repair attempts. 33. The break […]
111.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
The income tax rate is 54%. How would you best describe the company’s use of financial leverage in 2014?
A.The company is highly leveraged and is using leverage well to generate a high return for stockholders.
B.The company is poorly leveraged.
C.The company is highly leveraged, but the leverage has a negative impact on stockholders.
D.The company has no financial leverage.
112.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s inventory turnover for 2014?
A.7.32 times
B.26.70 times
C.49.86 times
D.13.67 times
113.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s accounts receivable turnover for 2014?
A.29.41 times
B.37.31 times
C.12.31 times
D.0.03 times
114.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
What is the company’s days’ sales in receivables for 2014?
A.29.41 days
B.37.31 days
C.12.41 days
D.8.06 days
115.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s day’s sales in inventory for 2014?
A.7.32 days
B.26.70 days
C.49.86 days
D.13.67 days
116.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s current ratio at the end of 2014?
A.0.92
B.1.09
C.1.06
D.1.34
117.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s quick ratio at the end of 2014?
A.1.09
B.1.03
C.0.57
D.0.50
118.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s debt-to-equity ratio at the end of 2014?
A.0.35
B.2.87
C.2.41
D.0.74
119.Comparative financial statements for Bent Stew Enterprises are shown below:
December 31
20142013
Assets
Current assets:
Cash$ 3,000 $ 800
Accounts receivable8,5006,000
Inventory12,0008,200
Prepaid expenses 1,400 900
Total current assets24,90015,900
Property, plant, and equipment, net 103,600 123,300
Intangible assets, net 64,000 47,000
Total assets$192,500 $186,200
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 11,000 $ 12,000
Other current liabilities 11,800 3,200
Total current liabilities22,800 15,200
Long-term debt 120,000 128,000
Total liabilities 142,800 143,200
Stockholders’ equity:
Common stock15,00015,000
Additional paid-in capital20,000 20,000
Retained earnings 14,700 8,000
Total stockholders’ equity 49,700 43,000
Total liabilities and stockholders’ equity $192,500 $186,200
Year Ended December 31
20142013
Sales$250,000 $ 230,000
Cost of goods sold 164,000 142,300
Gross margin86,000 87,700
Operating expenses 64,000 54,000
Operating income22,000 33,700
Interest expense 7,500 5,900
Earnings before income taxes 14,500 27,800
Income taxes 7,800 7,140
Net earnings$ 6,700 $ 20,660
How much is Bent Stew’s times interest earned for 2014?
A.2.93 times
B.37.31 times
C.0.34 times
D.0.89 times
120.Comparative financial statements for Cross, Inc. are shown below:
December 31
Assets2014 2013
Current assets:
Cash$ 89,103 $ 68,203
Accounts receivable142,000135,000
Inventory96,70885,694
Prepaid expenses 21,203 5,118
Total current assets349,014294,015
Property, plant and equipment, net 822,576 718,144
Total assets$1,171,590 $1,012,159
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$ 85,443 $ 62,394
Other current liabilities 38,112 33,507
Total current liabilities123,555 95,901
Long-term debt 302,430 290,324
Total liabilities425,985386,225
Stockholders’ equity:
Common stock600,000600,000
Retained earnings 145,605 25,934
Total stockholders’ equity 745,605 625,934
Total liabilities and stockholders’ equity $1,171,590 $1,012,159
Year Ended December 31
20142013
Net sales $17,005,852 $13,809,585
Cost of goods sold 12,250,257 9,825,614
Gross margin 4,755,595 3,983,971
Operating expense 3,585,657 3,400,258
Operating income 1,169,938 583,713
Interest expense 28,500 27,300
Earnings before tax 1,141,438 556,413
Income taxes 342,431 166,924
Net income $ 799,007 $ 389,489
Using horizontal analysis, how much is Cross, Inc.’s percentage change in accounts receivable from 2013 to 2014?
A.4.9% increase
B.5.2% increase
C.1.1% increase
D.1.2% decrease
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