Archives: Quiz
International Business Chapter 20 3 At year end there was no accrual of interest on a bond payable
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 7) On October 1, Indiana Company issued $10,000, 8%, 5-year bonds at 98. What is the adjusting entry on December 31 using straight-line method? A) Bond Interest Expense 800 Bond […]
Business Law Chapter 45 1 Oil refineries are an example of stationary sources of air pollution
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 45 Environmental Protection 1) The Environmental Protection Agency lacks adjudicative powers to hold hearings and order remedies for violation of environmental laws. Answer: FALSE Diff: 1 Topic: Environmental Protection […]
International Business Chapter 20 2 Interest expense will be greater than the interest payment when bonds are issued
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 18) Interest expense will be greater than the interest payment when bonds are issued at: A) a premium. B) face value. C) a discount. D) the contract rate. Answer: C […]
Business Law Chapter 43 1 Regulatory statutes can be termed as administrative laws
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 43 Administrative Law and Regulatory Agencies 1) Administrative laws are laws enacted by governments to regulate the operation of government employees and government-run organizations. Answer: FALSE Diff: 1 Topic: […]
International Business Chapter 20 1 The amount to be paid on the maturity date of a bond is called the
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 20 Corporations and Bonds Payable 20.1 Learning Objective 20-1 1) A special type of long-term interest-bearing note payable issued by a corporation to raise capital […]
Business Law Chapter 42 1 All laws are framed to meet the highest ethical standards
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 42 Ethics and Social Responsibility of Business 1) All laws are framed to meet the highest ethical standards. Answer: FALSE Diff: 1 Topic: Ethics and the Law Skill: Legal […]
International Business Chapter 19 2 Explain some possible reasons a company may declare a stock dividend
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 46) On May 31, Mason Corporation has the following stockholders’ equity: Common Stock, $10 par value, 6,000 shares issued and outstanding $60,000 Retained Earnings 20,000 Total Stockholders’ Equity $80,000 The […]
Business Law Chapter 40 1 Trade Secrets Franchisor Not Qualify For Patent
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 40 Franchises and Special Forms of Businesses 1) A franchisee is established when parties of a general partnership conduct business outside the state of their incorporation. Answer: FALSE Diff: […]
International Business Chapter 19 1 The price at which shares are bought and sold on the open market is called
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 19 Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings 19.1 Learning Objective 19-1 1) The price a corporation pays when it reserves the right […]
Business Law Chapter 39 1 Limited liability companies are created by federal law.
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 39 Limited Liability Companies and Limited Liability Partnerships 1) A limited liability company is an incorporated business entity. Answer: FALSE Diff: 1 Topic: Limited Liability Company (LLC) Skill: Legal […]
International Business Chapter 18 3 Identify the account types used in recording transactions related to a stock
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 12) Jane Kathryn has 30,000 shares outstanding of $10 par value, 10% preferred stock and 100,000 shares outstanding $5 par value common stock. In the first 3 years of operations, […]
Business Law Chapter 38 1 A proxy card authorizes another person to vote the shareholder’s shares.
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 38 Corporate Acquisitions and Multinational Corporations 1) Shareholder approval is required to make fundamental changes in a corporation. Answer: FALSE Diff: 1 Topic: Introduction to Corporate Acquisitions and Multinational […]
International Business Chapter 18 2 The sale of common stock was recorded as a sale of preferred stock
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 24) The sale of common stock was recorded as a sale of preferred stock. This error would cause: A) the period end stockholders’ equity to be overstated. B) the period […]
Business Law Chapter 37 1 Shareholders of a corporation act as agents of the corporation
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 37 Corporate Governance and the Sarbanes-Oxley Act 1) One of the powers of a shareholder is his or her right to elect the board of directors. Answer: TRUE Diff: […]
International Business Chapter 18 1 Which of the following is not a characteristic of a corporation
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 18 Corporations: Organizations and Stock 18.1 Learning Objective 18-1 1) The articles of incorporation are: A) submitted by the incorporators to the IRS for approval. […]
Business Law Chapter 36 1 The Corporation Can Engage Other Purposes or Activities a
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 36 Corporate Formation and Financing 1) Corporation codes regulate the formation, operation, and dissolution of corporations. Answer: TRUE Diff: 1 Topic: Nature of the Corporation Skill: Legal Concepts 2) […]
International Business Chapter 17 2 A bonus paid by an incoming partner to the old partners is shared
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 9) The statement of partners’ equity reflects the equity of each partner and summarizes the allocation of net income for the year. Answer: TRUE Diff: 2 LO: 17-3 AACSB: Analytic […]
Business Law Chapter 35 1 A limited partnership cannot have general partners
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 35 Limited Partnerships and Special Partnerships 1) In most states, the formation, operation, and termination of limited partnerships are regulated by the Revised Uniform Limited Partnership Act. Answer: TRUE […]
International Business Chapter 17 1 Many associations such as medical centers and law firms could organize as a
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 17 Partnership 17.1 Learning Objective 17-1 1) Many associations such as medical centers and law firms could organize as a: A) sole proprietorship. B) corporation. […]
Business Law Chapter 34 1 A sole proprietor is legally responsible for the business’s contracts
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 34 Small Business, Entrepreneurship, and General Partnerships 1) An entrepreneur is a person who forms and operates a business. Answer: TRUE Diff: 1 Topic: Entrepreneurship Skill: Legal Concepts 2) […]
International Business Chapter 16 3 The exclusive right to produce and sell a manuscript is called a
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 16.6 Learning Objective 16-6 1) Amortization of a patent was ignored. This error would cause: A) the period’s net income to be overstated. B) the period’s net income to be […]
Business Law Chapter 33 1 To claim under disparate-treatment discrimination
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 33 Equal Opportunity in Employment 1) The Equal Employment Opportunity Commission is the federal administrative agency that is responsible for enforcing most federal antidiscrimination laws. Answer: TRUE Diff: 1 […]
International Business Chapter 16 2 What is the difference between an extraordinary repair and a betterment
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 3) A company incorrectly records revenue expenditures as capital expenditures on its books. As a result, which of the following will be true? A) Net income will be understated for […]
Business Law Chapter 32 1 Most union elections are contested by the employer.
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 32 Labor Law and Collective Bargaining 1) Labor unions have the right to engage in picketing in support of their positions. Answer: TRUE Diff: 1 Topic: Introduction to Labor […]
International Business Chapter 16 1 Which of the following assets would not be classified as property
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 16 Accounting for Property, Plant, Equipment, and Intangible Assets 16.1 Learning Objective 16-1 1) Which of the following assets would not be classified as property, […]
Economics Chapter 16 1 What Factor More Than Anything Else
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 16 The Wealth of Nations: Globalization and Economic Growth 1) Fill in the blank: By 2011, GDP in the United States was approximately ________ times greater […]
Business Law Chapter 31 1 Private civil actions are also permitted under the FLSA.
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 31 Employment, Worker Protection, and Immigration Law 1) Before the Industrial Revolution, the doctrine of laissez-faire governed the employment relationship in the United States. Answer: TRUE Diff: 1 Topic: […]
International Business Chapter 15 2 Which of the following should not be included in inventory costs
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 16) Barry’s Books uses a periodic inventory system. Barry’s Books sold 45 copies of Helpful Hints during September. Other data for September include: Sep. 1 Balance 12 books @ $20 […]
Economics Chapter 15 1 the costs of a recession are predominantly
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 15 Economic Performance and Real-World Politics 1) Recall from Chapter 5: Other things constant, when households lower their time preferences, and demonstrate a willingness to postpone […]
Business Law Chapter 30 1 The Injured Person Can Sue Open Heart
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 30 Liability of Principals, Agents, and Independent Contractors 1) The duty of loyalty is a fiduciary duty owned by an agent not to act adversely to the interests of […]
International Business Chapter 15 1 Under the perpetual system, the purchase of merchandise is recorded by a
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 15 Accounting for Merchandise Inventory 15.1 Learning Objective 15-1 1) In a perpetual inventory system: A) Merchandise Inventory is debited every time inventory is purchased. […]
Economics Chapter 14 2 The Fed Were Attempt Increase The
Copyright © 2014 Pearson Education, Inc. 66) Roughly what is the required reserve ratio within the U.S. banking system? A) Less than 10 percent. B) 15% C) 25% D) 50% E) 90% Answer: A 67) From the banker’s perspective, dollars […]
Business Law Chapter 29 1 Agency law is a mixture of tort and contract laws
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 29 Agency Formation and Termination 1) Agency law is a mixture of tort and contract laws. Answer: TRUE Diff: 1 Topic: Introduction to Agency Formation and Termination Skill: Legal […]
International Business Chapter 14 1 A written promise to pay a certain sum of money to another person or company is a
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 14 Notes Receivable and Notes Payable 14.1 Learning Objective 14-1 1) A written promise to pay a certain sum of money to another person or […]
Economics Chapter 14 1 Trick Question Neither Type Counted M1d Trick
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 14 Money 1) The most important function of money is to A) allow for positive interest rates. B) enable people to measure their own personal worth. […]
Business Law Chapter 28 1 There are separate state and federal bankruptcy laws
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 28 Bankruptcy and Reorganization 1) The Bankruptcy Reform Act of 1978 made it easier for debtors to file for bankruptcy and have their unpaid debts discharged. Answer: TRUE Diff: […]
International Business Chapter 14 2 The entry to record the cash received on a note discounted at less than face value is to
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 9) Steadman’s Computer endorses a customer’s note dated June 17 to the bank on August The interest rate on the note is 10%, and the bank discount rate is 12%. […]
Economics Chapter 13 2 Little Richie Lemons Thirteen year old Former Lemonade
Copyright © 2014 Pearson Education, Inc. 89) For deflation to occur, A) national income must decrease. B) real GDP must decrease. C) the price level must decrease. D) nominal GDP must decrease. Answer: C 90) In the economic way of […]
Business Law Chapter 27 1 The property in which a security interest is taken is called collateral
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 27 Secured Transactions and E-Filing 1) The property in which a security interest is taken is called collateral. Answer: TRUE Diff: 1 Topic: Introduction to Secured Transactions and E-Filing […]
International Business Chapter 13 2 As the past due time increases for an account, the likelihood of collecting that account
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 13.3 Learning Objective 13-3 1) If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer’s account as uncollectible? […]
Economics Chapter 13 1 Purchases Anti capita list Literature From Radical Student managed Book stored
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 13 Measuring the Overall Performance of Economic Systems 1) Gross domestic product is the market value of A) intermediate exchanges made within a country during the […]
Business Law Chapter 26 1 The Time Allotted Which Mortgagee Must Start
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 26 Credit, Mortgages, and Debtor’s Rights 1) The property on which a security interest is taken is called collateral. Answer: TRUE Diff: 1 Topic: Introduction to Credit, Mortgages, and […]
International Business Chapter 13 1 Which of the following situations would more likely not result in bad debts
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 13 Accounting for Bad Debts 13.1 Learning Objective 13-1 1) Which of the following situations would more likely not result in bad debts? A) The […]
Economics Chapter 12 1 Unions First Became Powerful The United
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 12 The Distribution of Income 1) Your textbook argues that the phrase “the distribution of income” is misleading because A) income is not created in a […]
Business Law Chapter 24 1 Signature liability is applicable to bearer papers
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 24 Liability, Defenses, and Discharge 1) A person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on it. Answer: TRUE Diff: 1 […]
International Business Chapter 12 2 How is Income Summary closed if the company had a net income
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 61) Discuss the purpose of a classified balance sheet. Include a description of the major balance sheet classifications including: current assets, plant and equipment, current liabilities, and long-term liabilities. Answer: […]
Economics Chapter 11 1 Yugoslav House holds c Coerce Households Into Paying For
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 11 Markets and Government 1) Which of the following is a clear difference between the market system and government? A) Collective welfare controls government policy; the […]
Business Law Chapter 23 1 Negotiable instruments are used as a substitute for money
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 23 Holder in Due Course and Transferability 1) Negotiable instruments are used as a substitute for money. Answer: TRUE Diff: 1 Topic: Introduction to Holder in Due Course and […]
International Business Chapter 12 1 What is the name of the revenue account used by merchandise companies
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 12 Completion of the Accounting Cycle for a Merchandise Company 12.1 Learning Objective 12-1 1) The income statement is prepared from the: A) Post-Closing Trial […]
Economics Chapter 10 2 According The Textbook Authors Pollution Growing
Copyright © 2014 Pearson Education, Inc. 60) If the local airport decides to pay monetary compensation to the people on whom the airport’s operation has imposed costs, it should compensate the people who A) currently live nearby. B) currently live […]