Archives: Quiz
Chapter 37 Which The Following Best Defines Insurance Contract
CHAPTER 37—PRINCIPLES OF INSURANCE Key 1. Which of the following best defines insurance? 2. The party agreeing to compensate a person for a certain loss is known as the _____. A. policyholder B. beneficiary C. insurer D. insured 3. The […]
Economics Chapter 13 which of the following costs would be a fixed cost
Chapter 13/The Costs of Production ❖ 41 5. For a construction company that builds houses, which of the following costs would be a fixed cost? a. the $50,000 per year salary paid to a construction foreman b. the $30,000 per […]
Chapter 36 Which The Following Example Cumulative Voting Dan
CHAPTER 36—MANAGEMENT AND DISSOLUTION OF A CORPORATION Key 1. Which of the following is true of a corporation? 2. Which of the following is true of a quorum? A. Statutes, bylaws, or the articles of incorporation enable voting proxy in […]
Chapter 15 The Relationship 325000 125000 Expressed Ratio
Chapter 15—Financial Statement Analysis Key 1. Comparable financial statements are designed to compare the financial statements of two or more corporations. 2. In horizontal analysis, the current year is the base year. FALSE 3. On a common-sized income statement, all […]
Economics Chapter 13 Which The Following Possibilities Consistent with The Property
Chapter 13/The Costs of Production ❖ 21 97. Refer to Scenario 13-9. An accountant would calculate the total profit for one photo frame to be a. $10. b. $15. c. $20. d. $25. 98. Refer to Scenario 13-9. An economist […]
Chapter 35 The Corporation The Declared Money Value
CHAPTER 35—OWNERSHIP OF A CORPORATION Key 1. The _____ of a corporation is the declared money value of its outstanding stock. 2. Which of the following best describes a share? A. It is the unit value of a company’s total […]
Economics Chapter 13 what decisions lie behind the market supply curve
Chapter 13 The Costs of Production MULTIPLE CHOICE 1. Analyzing the behavior of the firm enhances our understanding of a. what decisions lie behind the market supply curve. b. how consumers allocate their income to purchase scarce resources. c. how […]
Chapter 34 An Corporation One That Formed Carry
CHAPTER 34—NATURE OF A CORPORATION Key 1. A(n) _____ corporation is one that is formed to carry out some governmental function. 2. A stock corporation is an example of a _____ corporation. A. public-benefit B. shell C. for-profit D. public […]
Economics Chapter 12 The table below provides information on the 4 households
Chapter 12/The Design of the Tax System ❖ 73 Table 12–16 The table below provides information on the 4 households that make up a small economy and how much they would pay in taxes under 3 types of taxes. Household […]
Chapter 33 Which The Following Best Describes Dissolution Partnership
CHAPTER 33—DISSOLUTION OF A PARTNERSHIP Key 1. Which of the following best describes a dissolution of a partnership? 2. A withdrawing partner is entitled to: A. receive exemption from liability for company losses. B. be exempt from personal taxes. C. […]
Economics Chapter 12 Vertical equity states that taxpayers with a greater ability
Chapter 12/The Design of the Tax System ❖ 61 10. Vertical equity states that taxpayers with a greater ability to pay taxes should a. contribute a decreasing proportion of each increment in income to taxes. b. contribute a larger amount […]
Chapter 32 Which The Following Best Describes The Articles
CHAPTER 32—CREATION AND OPERATION OF A PARTNERSHIP Key 1. Which of the following best describes the articles of a partnership? 2. Which of the following should be contained in any article of partnership? A. Biographical details of each partner B. […]
Chapter 13 September 2012 Parsons Company Purchased 84000
111. On October 1, 2012, Marcus Corporation purchased $20,000 of 6% bonds of Roberts Corporation, due in 8 1/2 years. The bonds were purchased at a price of $17,561 plus interest of $300 accrued from July 1, 2012, the date […]
Economics Chapter 12 A taxpayer faces the following tax rates on her income
Chapter 12/The Design of the Tax System ❖ 41 89. A person’s marginal tax rate equals a. her tax obligation divided by her average tax rate. b. the increase in taxes she would pay as a percentage of the rise […]
Chapter 31 Which The Following Best Describes Sole Proprietorship
CHAPTER 31—INTRODUCTION TO BUSINESS ORGANIZATION Key 1. Which of the following best describes sole proprietorship? 2. Which of the following is true of a sole proprietorship business? A. A sole proprietor has limited flexibility in managing the business. B. A […]
Chapter 13 Temporary Investments Are Reported Current Assets
Chapter 13—Investments and Fair Value Accounting Key 1. Although marketable securities may be retained for several years, they continue to be classified as temporary, provided they are readily marketable and can be sold for cash at any time. 2. As […]
Economics Chapter 12 The tax that generates the most revenue for state
Chapter 12/The Design of the Tax System ❖ 21 107. Which of the following statements is not correct? a. All states have state income taxes, but the percentages vary widely. b. Sales taxes and property taxes are important revenue sources […]
Chapter 30 Who Among The Following Are Covered The
CHAPTER 30—LABOR LEGISLATION Key 1. Who among the following are covered by the Fair Labor Standards Act? 2. Which of the following is true under the child labor provisions of the Fair Labor Standards Act? A. Youth between the ages […]
Chapter 12 Glover Corporation Issued 2000000 75 6year
171. Given the following data, prepare an amortization schedule (use the straight line method) 1/1/10 – issued $800,000, 9%, 3 year bonds, interest paid annually on 12/31 to yield 8% Use the following format (round to nearest dollar, may have […]
Economics Chapter 12 For which two boxes is it the case that externalities
Chapter 12 The Design of the Tax System MULTIPLE CHOICE 1. From the time of Benjamin Franklin to the present, the percentage of the average American’s income that goes to pay taxes a. has decreased from about 20 percent to […]
Chapter 29 Which The Following Best Describes Disparate Treatment
CHAPTER 29—EMPLOYEES’ RIGHTS Key 1. Which of the following is an example likely to be governed under the Title VII of the Civil Rights Act of 1964? 2. Which of the following best describes disparate treatment? A. It is the […]
Chapter 12 The Balance Premium Bonds Payable Should
130. The balance in Premium on Bonds Payable 131. Debtors are interested in the times-interest-earned ratio because they want to A. know what rate of interest the corporation is paying B. have adequate protection against a potential drop in earnings […]
Economics Chapter 11 Four friends decide to meet at a Chinese restaurant for dinner
Chapter 11/Public Goods and Common Resources ❖ 53 89. Refer to Figure 11-1. For which two boxes is it the case that externalities arise because something of value has no price attached to it? a. Box A and Box B […]
Chapter 28 Contract Can Terminated Any Time Both Employer
CHAPTER 28—EMPLOYER AND EMPLOYEE RELATIONS Student: ___________________________________________________________________________ 1. A contract can be terminated at any time by both an employer and an employee. This situation is known as _____. 2. Jim had a contract with his firm for a period […]
Chapter 12 One Potential Advantage Financing Corporations Through
Chapter 12—Long-Term Liabilities: Bonds and Notes Key 1. A bond is simply a form of an interest bearing note. 2. Bondholders are creditors of the issuing corporation. TRUE 3. Bonds of major corporations are traded on bond exchanges. TRUE 4. […]
Economics Chapter 11 The difference between specific knowledge and general knowledge
Chapter 11/Public Goods and Common Resources ❖ 41 29. Which of the following statements is not correct? a. A free rider is a person who benefits from something for which he or she does not have to pay. b. The […]
Chapter 27 Which The Following Duty Principal Has Toward
CHAPTER 27—OPERATION AND TERMINATION OF AN AGENCY Key 1. Which of the following is true of the relationship between an agent and a principal? 2. Which of the following is a duty a principal has toward his agent? A. A […]
Chapter 11 The Following Transactions Took Place For
168. On February 13, Epperson Company issue for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 share of 1%, $60 par preferred stock at par […]
Economics Chapter 11 For private goods allocated in markets
Chapter 11/Public Goods and Common Resources ❖ 21 49. The difference between specific knowledge and general knowledge is that a. the creation of general knowledge is usually more profitable for the creator. b. specific knowledge is excludable, while general knowledge […]
Chapter 26 Which The Following Tasks Can Delegated Agent
CHAPTER 26—NATURE AND CREATION OF AN AGENCY Key 1. Which of the following tasks can be delegated to an agent? 2. Which of the following statements is true of contracts of agency? A. The legal requirements to be an agent […]
Chapter 11 Earnings Per Share The Net Income
132. A corporation has 50,000 shares of $25 par value stock outstanding that has a current market value of $120. If the corporation issues a 5-for-1 stock split, the par value of the stock after the split will be: 133. […]
Economics Chapter 11 The Coase theorem states that
Chapter 11 Public Goods and Common Resources MULTIPLE CHOICE 1. For private goods allocated in markets, a. prices guide the decisions of buyers and sellers and these decisions lead to an efficient allocation of resources. b. prices guide the decisions […]
Chapter 25 Defense That Cannot Used Against Holder Due
CHAPTER 25—DEFENSES Key 1. A defense that cannot be used against a holder in due course is known as a _____. 2. Which of the following is a definition of a universal defense? A. It is a defense that can […]
Chapter 11 Which The Following Not Characteristic Corporation
Chapter 11—Corporations: Organization, Stock Transactions, and Dividends Key 1. Twenty percent of all businesses in the United States are corporations and they account for 80% of the total business dollars generated. 2. A corporation is a separate entity for accounting […]
Economics Chapter 10 Take into account private and external costs and assume
76 ❖ Chapter 10/Externalities 27. The Coase theorem states that a. under certain circumstances government intervention is not needed to reach efficient outcomes when an externality is present. b. government intervention is always required to reach an efficient outcome when […]
Chapter 24 Which The Following Example Dishonor Dan Forgets
CHAPTER 24—LIABILITIES OF PARTIES AND HOLDERS IN DUE COURSE Key 1. Which of the following is true of primary liability? 2. _____ is the demand for acceptance or payment made on the maker, acceptor, drawee, or other payor of commercial […]
Chapter 10 Vacation Pay Expense 6500 Vacation
161. Darius Company has the following information for the pay period of January 15 – 31, 20xx. Gross payroll $20,000 Federal income tax withheld $2,500 Social security rate 6% Federal unemployment tax rate .8% Medicare rate 1.5% State unemployment tax […]
Economics Chapter 10 Neither Corrective Taxes Nor Pollution Permits Internalize
Chapter 10/Externalities ❖ 61 Figure 10-16 77. Refer to Figure 10-16. This graph shows the market for pollution when permits are issued to firms and traded in the marketplace. The equilibrium price of pollution is a. $50 b. $500 c. […]
Chapter 23 An Signature The Back Instrument Along
CHAPTER 23—NEGOTIATION AND DISCHARGE Key 1. A(n) _____ is a signature on the back of an instrument along with any directions or limitations regarding use of or liability for the instrument. 2. James wants to indorse a check to Janice, […]
Chapter 10 Which The Following Not Internal Control
114. Which of the following is not an internal control procedure for payroll? 115. A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed A. funded B. […]
Economics Chapter 10 Externalities 41156 Refer Figure 1011
Chapter 10/Externalities ❖ 41 156. Refer to Figure 10-11. On the a. 260th unit of output, private value exceeds private cost. b. 260th unit of output, private value exceeds external value. c. 300th unit of output, private value exceeds social […]
Chapter 22 Written Contract Obligation Usually Under Seal
CHAPTER 22—PROMISSORY NOTES AND DRAFTS Key 1. Which of the following is true of a promissory note? 2. A _____ is a written contract obligation, usually under seal, generally issued by a corporation, a municipality, or a government, that contains […]
Chapter 10 Current Liabilities Are Due But Not
Chapter 10—Current Liabilities and Payroll Key 1. Receiving payment prior to delivering goods or services causes a current liability to be incurred. 2. For a current liability to exist, the following two tests must be met. The liability must be […]
Chapter 21 Which The Following Requirement Negotiability The Payee
CHAPTER 21—ESSENTIALS OF NEGOTIABILITY Key 1. Which of the following is a requirement of negotiability? 2. Which of the following is true of a negotiable instrument? A. An instrument must be completely typed. B. An instrument must be written with […]
Economics Chapter 10 Require Producers Quot clean Up quot Any Spillover That
Chapter 10/Externalities ❖ 21 Figure 10-7 67. Refer to Figure 10-7. Which quantity represents the social optimum for this market? a. Q1. b. Q2. c. Q3. d. Q4. 68. Refer to Figure 10-7. To internalize the externality in this market, […]
Chapter 9 Xyz Co Incurred The Following Costs
164. XYZ Co. incurred the following costs related to the office building used in operating its sports supply company: a. Replaced a broken window. b. Replaced the roof that had been on the building 23 years. c. Serviced all the […]
Chapter 20 Are Writings Drawn Special Form That
CHAPTER 20—NATURE OF NEGOTIABLE INSTRUMENTS Key 1. _____ are writings drawn in a special form that can be transferred from person to person as a substitute for money or as an instrument of credit. 2. A commercial paper, which is […]
Economics Chapter 10 When externalities are present in a market
Chapter 10 Externalities MULTIPLE CHOICE 1. In a market economy, government intervention a. will always improve market outcomes. b. reduces efficiency in the presence of externalities. c. may improve market outcomes in the presence of externalities. d. is necessary to […]
Chapter 9 Computer Equipment Was Acquired The Beginning
132. What is the cost of the land, based upon the following data? Land purchase price $178,000 Broker’s commission 15,000 Payment for the demolition and removal of existing building 5,000 Cash received from the sale of materials salvaged from the […]
Chapter 19 The Statement The Seller Which The Article
CHAPTER 19—WARRANTIES, PRODUCT LIABILITY, AND CONSUMER PROTECTION Key 1. The statement of the seller in which the article sold is warranted or guaranteed is known as an _____. 2. A(n) _____ is one that the seller did not make but […]