Archives: Quiz
Business Law Chapter 22 1 Negotiable instruments help in creating a credit economy
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 22 Creation of Negotiable Instruments 1) Article 3 of the UCC governs the use of negotiable instruments. Answer: TRUE Diff: 1 Topic: Negotiable Instruments Skill: Legal Concepts 2) The […]
International Business Chapter 11 2 On the worksheet the beginning Merchandise Inventory account appears in
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 78) Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following: Sales $3,000 Beginning Inventory $ 500 Sales Discount 50 Net […]
Economics Chapter 10 1 Positive externalities are created by people when they
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 10 Externalities and Conflicting Rights 1) Economists use the term externalities to refer to A) consequences people ignore in their decision making. B) any cost associated […]
Business Law Chapter 21 1 Only written express warranties are valid
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 21 Warranties 1) Warranties are the buyer’s or lessee’s assurance that the goods meet certain standards. Answer: TRUE Diff: 1 Topic: Introduction to Warranties Skill: Legal Concepts 2) Only […]
International Business Chapter 11 1 which would most likely cause the recording of unearned revenue
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 11 Preparing a Worksheet for a Merchandise Company 11.1 Learning Objective 11-1 1) What inventory method is used when the inventory balance is updated only […]
Economics Chapter 9 1 From The Price setters Point View The
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 9 Competition and Government Policy 1) Which conditions must be present for “perfect competition” to occur? A) A large number of buyers and sellers, and all […]
Business Law Chapter 20 1 Pearson Education Inc Which The Following Essential
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 20 Remedies for Breach of Sales and Lease Contracts 1) The seller’s or lessor’s general obligation is to transfer and deliver the goods to the buyer or lessee. Answer: […]
International Business Chapter 10 2 Which account is the controlling account for the amounts owed to individual creditors
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 18) Determine the amount of credit to be earned on a full return of merchandise purchased with an invoice price of $5,000 and credit terms of 2/10, n/30 when full […]
Economics Chapter 9 2 Which The Following Clearly Restricts The
Copyright © 2014 Pearson Education, Inc. 70) Predatory pricing, as defined in the text, is A) common and profitable but illegal. B) common, profitable, and legal. C) common but both unprofitable and illegal. D) common and legal but unprofitable. E) […]
Business Law Chapter 19 1 the title to the leased goods passes to the lessee
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 19 Title to Goods and Risk of Loss 1) Article 2 of the Uniform Commercial Code establishes precise rules for determining the passage of title in sales contracts. Answer: […]
International Business Chapter 10 1 A form used in business to place an order for the buying of goods from a seller is
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 10 Purchases and Cash Payments 10.1 Learning Objective 10-1 1) Net purchases are: A) Purchases + Purchases Returns and Allowances. B) Purchases – Purchases Discount […]
Economics Chapter 8 1 When Cannot Confine Price Reductions The New
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 8 Price Searching 1) The cost-plus-markup theory of price setting A) explains why firms can’t raise their prices until their costs rise. B) explains why percentage […]
Business Law Chapter 17 1 Each website has a unique online address.
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 17 E-Commerce and Digital Law 1) The UCITA provides rules for contracts involving computer information transactions and software and information licenses. Answer: TRUE Diff: 1 Topic: Introduction to E-Commerce […]
International Business Chapter 9 2 Received payment, within the discount period, for merchandise sold previously
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 9.3 Learning Objective 9-3 1) The return of merchandise by a credit customer was recorded with a debit to Accounts Payable and a credit to Accounts Receivable and the subsidiary […]
Economics Chapter 7 2 Speculators Who Believe The Worldwide Demand
Copyright © 2014 Pearson Education, Inc. 61) From the perspective of economic theory, property rights are A) human rights. B) just as important as human rights. C) less important than human rights. D) more important than human rights. E) usually […]
Business Law Chapter 16 1 The Next Day Quick clicks Manages Purchase Six
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 16 Remedies for Breach of Traditional and E-Contracts 1) Strict performance by a party discharges that party’s duties under the contract. Answer: TRUE Diff: 1 Topic: Introduction to Remedies […]
International Business Chapter 9 1 Merchants who buy goods from wholesalers for resale to customers are
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 9 Sales and Cash Receipts 9.1 Learning Objective 9-1 1) Merchants who buy goods from wholesalers for resale to customers are: A) merchandisers. B) retailers. […]
Economics Chapter 7 1 E30 Used car Dealer Suffers Economic Losses Then a
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 7 Profit and Loss 1) “Total revenue minus total cost” is A) an incorrect definition of profit. B) the correct definition of profit. C) the economist’s […]
Business Law Chapter 15 1 A party who is owed a right under a contract is called the obligor
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 15 Third-Party Rights and Discharge 1) Privity of contract refers to the transfer of contractual rights by an obligee to another party. Answer: FALSE Diff: 1 Topic: Assignment of […]
International Business Chapter 8 2 The tax paid by the employer for both the employee and employer
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 8.3 Learning Objective 8-3 1) The tax paid by the employer for both the employee and employer: A) must be deposited in an authorized depository. B) must be deposited directly […]
Economics Chapter 6 2 If the production of soybeans is subsidized by the government
Copyright © 2014 Pearson Education, Inc. 75) Suppose the market-clearing price of wheat is $2.50 per bushel. What would happen if wheat farmers persuaded the government to set a legally-mandated price support of $3.75 per bushel? A) The quantity demanded […]
Business Law Chapter 14 1 The Contract Can Oral Both Before And
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 14 Statute of Frauds and Equitable Exceptions 1) Statute of Frauds is a state statute that requires certain types of contracts to be in writing. Answer: TRUE Diff: 1 […]
International Business Chapter 8 1 The Wages and Salaries Expense account would be used to record
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 8 Paying, Recording, and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process 8.1 Learning Objective 8-1 1) Prepaid Worker’s Compensation Insurance is […]
Economics Chapter 6 1 Us Primarily shifted The Curve The A
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 6 Unintended Consequences: More Applications of Supply and Demand 1) According to your textbook, the notion of price “gouging” is problematic because A) the higher prices […]
Business Law Chapter 13 1 Soon Realizes That Such Program Does Not
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 13 Genuineness of Assent and Undue Influence 1) Assent of a party to a contract may be manifested in any manner sufficient to show agreement, including conduct. Answer: TRUE […]
International Business Chapter 7 2 Each state is responsible for administering an unemployment program
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 69) An employee earns $16 per hour. He worked 45 hours the last week of January (assuming time and a half for overtime). Calculate the total amount of employee deductions. […]
Economics Chapter 5 2 Something will be rare but not scarce if very little of it exists and
Copyright © 2014 Pearson Education, Inc. 95) What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if an extensive, efficient cotton-growing industry in Africa develops? A) Decrease […]
Business Law Chapter 12 1 Incompetent Persons skill Legal Concepts 56 Which The Following
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 12 Capacity and Legality 1) People below the age of majority are considered minors. Answer: TRUE Diff: 1 Topic: Minors Skill: Legal Concepts 2) Any age below the statutory […]
International Business Chapter 7 1 Which of the following taxes has a maximum amount an employee must pay in a year
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 7 Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process 7.1 Learning Objective 7-1 1) A pay period is defined as: A) weekly. […]
Economics Chapter 5 1 Cooperation among people in an urban, industrialized society
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 5 Supply and Demand: A Process of Coordination 1) According to your text, the central economic task for a society is A) to eliminate scarcity. B) […]
Business Law Chapter 11 1 Hartman For His exceptional Services Toward A ratize Thus
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 11 Consideration and Promissory Estoppel 1) To be enforceable, a contract must be supported by consideration. Answer: TRUE Diff: 1 Topic: Introduction to Consideration and Promissory Estoppel Skill: Legal […]
International Business Chapter 6 2 On a bank reconciliation, outstanding checks are deducted from the balance per books
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 32) On a bank reconciliation, outstanding checks are deducted from the balance per books. Answer: FALSE Diff: 2 LO: 6-2 AACSB: Reflective Thinking Skills Learning Outcome: Define accounting terms, accounting […]
Economics Chapter 4 2 Supply Curves Slope Upward The Right Because a
Copyright © 2014 Pearson Education, Inc. 83) If you pay $35 for a sticker that entitles you to park on campus for 35 weeks of the academic year, the marginal dollar cost to you of parking your car on campus […]
Business Law Chapter 10 1 Death Incompetency Either Party Terminates Option Contract d
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 10 Agreement 1) A contract requires an offer and an acceptance. Answer: TRUE Diff: 1 Topic: Agreement Skill: Legal Concepts 2) An offer is not effective until it is […]
International Business Chapter 6 1 Internal control over a company’s assets should include the following policy
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 6 Banking Procedure and Control of Cash 6.1 Learning Objective 6-1 1) Internal control over a company’s assets should include the following policy: A) Responsibilities […]
Economics Chapter 4 1 People Who Run Their Own Businesses a Can
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 4 Cost and Choice: The Concept of Supply 1) The economizing process (choosing from among alternatives to maximize benefits) A) applies only to consumers. B) applies […]
Business Law Chapter 9 1 Traditional contract rules do not apply to e-contracts
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 9 Nature of Traditional and E-Contracts 1) Ross makes an offer to Elizabeth to sell his automobile to her for $10,000. In this case, Ross is the offeree and […]
International Business Chapter 5 3 Why will the Income Summary account never appear on a financial statement
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 80) From the following items in the income statement columns of the worksheet of Friend’s Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal […]
Economics Chapter 3 2 Smith Apples b Apples Granny Smith Apples Fruit c
Copyright © 2014 Pearson Education, Inc. 99) Could an increase in urban bus fares eventually lead to an increase in the demand for bus service? A) It could not do so, though it could lead to a reduction in the […]
Business Law Chapter 8 1 the government is represented by a lawyer called defense attorney
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 8 Criminal Law and Cyber Crimes 1) A person charged with a crime in the United States is presumed guilty until proven innocent. Answer: FALSE Diff: 1 Topic: Introduction […]
International Business Chapter 5 2 When Income Summary has a credit balance and the account is closed
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 38) The following normal account balances were found on the general ledger before closing entries were prepared: Revenue $700 Cash $600 Expenses $400 Accounts Receivable $400 Capital $7,500 Withdrawals $1,000 […]
Economics Chapter 3 1 Which The Following Best Explains The Likely
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 3 Substitutes Everywhere: The Concept of Demand 1) The textbook cautions against speaking of “the people” as wanting a particular good A) because it is not […]
Business Law Chapter 7 1 Competitor Can Lawfully Use Rivals Trade
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 7 Intellectual Property and Cyber Piracy 1) Intellectual property falls into a category of property known as intangible rights. Answer: TRUE Diff: 1 Topic: Intellectual Property Skill: Legal Concepts […]
International Business Chapter 5 1 The adjusting entry to record depreciation for the company automobile would be
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 5 The Accounting Cycle Completed 5.1 Learning Objective 5-1 1) Adjusting journal entries: A) need not be journalized since they appear on the worksheet. B) […]
Economics Chapter 2 2 Cal Has Comparative Advantage Producing Material Goods d
Copyright © 2014 Pearson Education, Inc. 103) When countries specialize in what they do efficiently and trade, the material wealth of nations A) expands. B) contracts C) remains the same. D) Need more information to answer this question. Answer: A […]
Business Law Chapter 6 1 However They Come With Tiny Detach able we pons That
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 6 Product and Strict Liability 1) The liability of manufacturers, sellers, lessors, and others for injuries caused by defective products is commonly referred to as product liability. Answer: TRUE […]
International Business Chapter 4 2 The debits must equal credits on the adjusted trial balance columns of the worksheet
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 87) Equipment was purchased for $20,000, residual value is $2,000 and it is expected that the useful life is 10 years. What is the book value of the equipment after […]
Economics Chapter 2 1 Which of the following constitutes wealth
Copyright © 2014 Pearson Education, Inc. The Economic Way of Thinking, 13e (Heyne) Chapter 2 Efficiency, Exchange, and Comparative Advantage 1) In the economic way of thinking, the identification of wealth with material objects A) is at the foundation of […]
Business Law Chapter 5 1 Julia Roberts Image Without Her Consent Depict
Copyright © 2013 Pearson Education, Inc. Business Law, 8e (Cheeseman) Chapter 5 Intentional Torts and Negligence 1) Actual physical contact is not necessary for a tort to be considered an assault. Answer: TRUE Diff: 1 Topic: Intentional Torts Skill: Legal […]
International Business Chapter 4 1 Bringing account balances up to date before preparing financial reports is called
Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall College Accounting, 12e (Slater) Chapter 4 The Accounting Cycle Continued 4.1 Learning Objective 4-1 1) A form used to organize and check data before preparing financial reports is known as […]