21.Toyz’s Retail Store sold $900 of merchandise to Ebony Inc. on April 3, terms, 2/10 EOM. On April 8, Ebony returned $200 of the merchandise that was defective. The original merchandise sold cost Toyz $600 with terms N30, but of this amount, $70 was returned. Toyz received payment from Ebony on April 10. What amount of sales and cost of goods sold should Toyz […]

  21.“Policeman” and “fireman” are words that demonstrate a.allness. b.ethnocentrism. c.polarization. d.sexist language. 22.All of the following are examples of disconfirming terms EXCEPT a.“firefighter.” b.“little old man.” c.“woman doctor.” d.“male nurse.” 23.The _____________________ of a word is its subjective or emotional meaning. a.connotation b.formation c.identification d.denotation 24.Which of the following is NOT true in regard to lying? a.When one person lies, the likelihood of the […]

    41. At the beginning of the year, Fox Manufacturing had budgeted for the production and sale of 84,000 units. The standard sales price and variable cost per unit were budgeted to be $25.00 and $10.00, respectively. Actual sales for the year totaled 81,000 units, and the actual sales price and variable cost per unit were $24.00 and $10.00, respectively. Both budgeted and actual fixed […]

  31. Simmon Incorporation’s cost of goods purchased amounted to $20,000. From the beginning until the end of 2011, accounts payable increased by a net amount of $7,000. How much “cash outflows for purchases” should Simmons report for 2011 on their statement of cash flows? A. $  7,000B. $13,000C. $20,000D. $27,000   32. McClintock Inc. had the following information available from its 2011 balance sheet and income statement:  Insurance expense $15,000 Prepaid […]

  12.3   Health-Care Markets   1) In the health insurance market, adverse selection occurs when A) chronically ill people buy health insurance. B) insured people go to the doctor unnecessarily. C) patients sue their doctor. D) people with health insurance tend to behave more recklessly. E) chronically ill people are unable to buy health insurance.   2) If a health insurance company offers coverage regardless […]

  9.5   “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long Run   1) Which of the following statements is correct? A) Economic profit takes into account all costs involved in producing a product. B) Accounting profit is not relevant in preparing the firm’s financial statement. C) Economic profit always exceeds accounting profit. D) […]

    31) An NGO uses historical trends to determine when charitable giving peaks, and then sets the dates for its donation drives based on the trends. This is an example of ________. A) data-driven decision making B) business intelligence C) customer relationship management D) operations management 32) The information that managers use to make decisions, drawn from the company’s own information systems or external […]

    21.Publicstockexchanges a. are operated by managers of a company. b. are markets that sell annual reports. c. provide a forum for buying and selling of equity interests in other companies. d. are used to evaluate debt and equity investments.       22.A statement that “the financial statements were prepared in accordance with generally accepted accounting principles” is found in the a. collateral. […]

    11) What was the first attempt to equalize power between labor and employer? A) Taft-Hartley Act B) Davis-Bacon Act C) Wagner Act D) Landrum-Griffin Act   12) Lian had worked for International Resources for 12 years when he and other workers decided to form a union. When International Resources found out about his plan, the company began intercepting his phone calls and e-mails […]

  14.1   Economic Cost and Profit   1) The primary goal of a business firm is to A) promote fairness. B) make a quality product. C) promote workforce job satisfaction. D) maximize profit. E) increase its production.   2) A firm’s fundamental goal is A) different for each firm. B) to make a quality product. C) to maximize profit. D) to gain market share. E) […]