How best would Machiavelli “ethically” advise the company?

1. “good will” gift to a foreign government official in order to assure approval by the official for a contract with the foreign government that the company desperately needs to survive. How best would Machiavelli “ethically” advise the company?
a. Do not pay the bribe as bribery is a legal wrong everywhere with no exceptions and thus bribery is everywhere immoral.
b. Do not pay the bribe as bribery is “categorically” a moral wrong everywhere and at all times and with no ethical exceptions.
c. Pay the bribe since it is absolutely necessary, but be smart, shrewd, and very careful about it, and then know that you have acted in a “virtuous” manner.
d. Pay the bribe only if you have the full express approval of the U.S. Department of

2. Justice Legal Affairs Department as well as the Business Ethics Office and also the approval of foreign government official’s government. Utilitarianism can best be characterized by:
a. The consultation of an outside source, such as a person or a book, for guidance.
b. The belief that a person must decide what course of action is proper based on that person’s own set of beliefs and feelings.
c. Determining which course of action produces the greatest amount of good for society.
d. A set of universal rules based on reasoning that must be applied in all situations and characterized by reversibility.

3. In making business decisions, Owen, a certified financial planner with Private Investment Corporation, attempts to apply his ethical belief that human beings have fundamental rights. This belief is best reflected in
a. Utilitarian ethics
b. Ethical Relativism
c. Natural Law and Kantian ethics
d. None of the above.

1. The statements, “Man is the measure of all things” and “Justice is the will of the stronger,” can best be attributed to:
Socrates
The Sophists
Aristotle
The Natural Rights theorists.

2. Ron is a director of Standard Company. Ron has a right to
compensation.
first refusal.
participation.
preemption.

3. Which of the following is a false statement?
In a limited partnership, the liability of the limited partner generally is limited to the amount of capital he or she has invested in the partnership.
In most states, limited liability partnerships are available to all types of business people.
In winding up a general partnership, creditors are paid before partners receive their capital contributions.
A partnership technically legally “dissolves” when a partner ceases to be associated with the carrying on of partnership business.
The answer is the third answer, “In winding up a general partnership, creditors are paid before partners receive their capital contributions.” A general partnership is “wound down”, not wound up.

1. Ron is a director of Standard Company. Ron has a right to
compensation.
first refusal.
participation.
preemption.

2. The concept of in personam jurisdiction is that:
A court has the power to enforce a judgment against a particular person.
A party has a personal stake in the outcome of a particular case.
Special requirements must be met in nonbusiness cases involving individuals.
The case has been filed at the correct location within the state.

3. Specific performance is generally awarded:
In cases where nominal damages are also awarded.
Where the contract involves the sale of property or goods that are unique.
Only under the U.C.C.
When the non-breaching party requests it.

1.-Aclass system is based on——-,whereas a caste system is stratification based on——. ascription and achievement;

2.-the social construct of race is to—–traits as the social contruct of ethnicity is to—–traits. biological;

3.- In Margaret Mead’s study of three New Guinea tribal cultures, she found that the Tchambuli were different from the Arapesh and Mundugumor in which of the following ways? ”

1. The significance of a “frolic and detour” is that:
It determines if an employee can be liable on a contract made on the employer’s behalf.
It can determine if someone working for a business is an employee or independent contractor.
It can determine if an employer is liable for the negligence tort of an employee.
It can determine if an employee is liable for torts he commits on the job.

2. France has a civil law legal system. Civil law systems are principally based on
administrative rules and regulations.
case law.
detailed codified law.
executive pronouncements.

3. Which of the following is true regarding a contract modification under the UCC?
A contract modification needs new consideration to be enforceable, just like at common law.
A contract modification needs no new consideration.

Modifications must always be in writing to be enforceable.
A and C only.

Which of the following hypothetical scenarios best suggests the violation of mores?

1. A mental construct that represents some aspect of the world in a simplified form is called a

A. concept.
B. variable.
C. theorem.
D. measurement.

2. As material culture is altered through technology, nonmaterial cultural norms and values tend to lag behind new social realities. William Ogburn referred to this phenomenon as
A. ethnocentrism.
B. cultural lag.
C. disintegration.
D. the gap between ideal and real culture.

3. Leila, who had lived all her life in Ames, Iowa, experienced disorientation when she arrived in Paris, France. Her tour guide told her not to worry; she was only experiencing what sociologists call
A. cultural relativism.

B. ethnocentrism.
C. jet lag.
D. culture shock.

1.-At least in the U.S, what is the main reason women earn less pay than men?

2 In the U.S , race or ethnicity often serves as a/an———-status that overshadowns and individual’s character and accomplishments.

3.- Among theories of prejudice, the assumption that some prejudice is found in everyone is most clearly associated with———theory.

1. Our self-image is based on our perceptions of how other people view us according to

A. Carol Gilligan.
B. Charles Horton Cooley.
C. Lawrence Kohlberg.
D. George Herbert Mead.

2. Which of the following hypothetical scenarios best suggests the violation of mores?

A. Cedric Frost is indicted for molesting a minor.
B. Rhonda, a Catholic, decides she should marry a Catholic man.
C. Jason, who’s British, forgets to drive on the right side of the road.
D. Walter is reprimanded for smoking on duty.

3. A proponent of multiculturalism would most likely reject

A. Eurocentrism.
B. the English language.
C. subcultures.
D. popular culture.

1.-Regarding gender socialization in Western Cultures, the female world seems to emphasize cooperation and———–,whereas the male world seems to emphasize——-and action..

2.-Classes are harder to define than castes because——is present in class systems.

3.- Under globalization, the greatest reduction in poverty has occurred in .

1.-In The Middle Ages In Europe,the Legal Concept Of Primogeniture Applied Primarily To The ——- Estate?.

2.-If you agree that capitalism fosters and strengthens male domination,chances are that you embrace the———perspective.

 

3.- according to anti-slavery international, which of the following statements statements is true?

What is a standard cost?

1. What is a standard cost?
A) The total number of units times the budgeted amount expected.
B) Any amount that appears on a budget.
C) The total amount that appears on the budget for product costs.
D) The amount management thinks should be incurred to produce a good or service.

2. Standard costs
A) may show past cost experience.
B) help establish expected future costs.
C) are the budgeted cost per unit in the present.
D) all of these.

3. The cash payback technique
A) should be used as a final screening tool.
B) can be the only basis for the capital budgeting decision.
C) is relatively easy to compute and understand.
D) considers the expected profitability of a project.

4. The cash payback period is computed by dividing the cost of the capital investment by the
A) annual net income.
B) net annual cash inflow.
C) present value of the cash inflow.
D) present value of the net income.

1. An unfavorable materials quantity variance would occur if
A) more materials were purchased than were used.
B) actual pounds of materials used were less than the standard pounds allowed.
C) actual labor hours used were greater than the standard labor hours allowed.
D) actual pounds of materials used were greater than the standard pounds allowed.

2. The labor price variance is
A) (AH x AR) – (SH x SR).
B) (AH x AR) – (AH x SR).
C) (AH x SR) – (SH x SR).
D) (AH x SR) – (SH x AR).

3. The labor quantity variance is
A) (AH x AR) – (SH x SR).
B) (AH x AR) – (AH x SR).
C) (AH x SR) – (SH x SR).
D) (AH x SR) – (SH x AR).

4. Which of the following ignores the time value of money?
A) Internal rate of return
B) Profitability index
C) Net present value
D) Cash payback

1. The profitability index is computed by dividing the
A) total cash flows by the initial investment.
B) present value of cash flows by the initial investment.
C) initial investment by the total cash flows.
D) initial investment by the present value of cash flows.

2. To avoid rejecting projects that actually should be accepted,
1. intangible benefits should be ignored.
2. conservative estimates of the intangible benefits’ value should be incorporated into    the NPV calculation.
3. calculate net present value ignoring intangible benefits and then, if the NPV is negative, estimate whether the intangible benefits are worth at least the amount of the negative NPV.
A) 1
B) 2
C) 3
D) both 2 and 3 are correct

3. The standard direct materials quantity does not include allowances for
A) unavoidable waste.
B) normal spoilage
C) unexpected spoilage
D) all of the above are included.

4. A project with a zero net present value indicates that it is
A) unacceptable
B) profitable
C) acceptable
D) going to have an acceptable cash payback period.

1. The capital budget for the year is approved by a company’s
A) board of directors
B) capital budgeting committee
C) officers
D) stockholders.

2. When a capital budgeting project generates a positive net present value, this means that the project earns a return higher than the
A) internal rate of return.
B) annual rate of return.
C) required rate of return.
D) profitability index.

3. Performing a post-audit is important because
A) managers will be more likely to submit reasonable data when they make investment proposals if they know their estimates will be compared to actual results.
B) it provides a formal mechanism by which the company can determine whether existing projects should be terminated.
C) it improves the development of future investment proposals because managers improve their estimation techniques by evaluating their past successes and failures.
D) all of these.

4. Intangible benefits in capital budgeting
A) should be ignored because they are difficult to determine.
B) include increased quality or employee loyalty.
C) are not considered because they are usually not relevant to the decision.
D) have a rate of return in excess of the company’s cost of capital.

1. The difference between a budget and a standard is that
A) a budget expresses what costs were, while a standard expresses what costs should be.
B) a budget expresses management’s plans, while a standard reflects what actually happened.
C) a budget expresses a total amount, while a standard expresses a unit amount.
D) standards are excluded from the cost accounting system, whereas budgets are generally incorporated into the cost accounting system.

2. A disadvantage of the cash payback technique is that it
A) ignores obsolescence factors.
B) ignores the cost of an investment.
C) is complicated to use.
D) ignores the time value of money.

3. The total materials variance is equal to the
A) materials price variance.
B) difference between the materials price variance and materials quantity variance.
C) product of the materials price variance and the materials quantity variance.
D) sum of the materials price variance and the materials quantity variance.

4. The cash payback technique
A) considers cash flows over the life of a project.
B) cannot be used with uneven cash flows.
C) is superior to the net present value method.
D) may be useful as an initial screening device.

Which method of controlling pledged inventory provides the greatest degree of security to the lender?

1) A large manufacturing firm has been selling on a 3/10, net 30 basis. The firm changes its credit terms to 2/20, net 90. What change might be expected on the balance sheets of its customers?
A.-Increased receivables and increased bank loans
B.-Increased payables and increased bank loans
C.-Increased payables and decreased bank loans
D.-Decreased receivables and increased bank loans

2) Which method of controlling pledged inventory provides the greatest degree of security to the lender?
A.-Overall inventory liens
B.-Warehousing
C.-Trust receipts
D.-Blanket inventory liens

3) Firms exposed to the risk of interest rate changes may reduce that risk by
A.-hedging in the financial futures market.
B.-pledging or factoring accounts receivable.
C.-hedging in the commodities market.
D.-obtaining a Eurodollar loan.

4) As the interest rate increases, the present value of an amount to be received at the end of a fixed period
A.-decreases
B.-Not enough information to tell
C.-remains the same
D.-increases

1) In determining the future value of a single amount, one measures
A.-the present value of an amount discounted at a given interest rate.
B.-the present value of periodic payments at a given interest rate.
C.-the future value of an amount allowed to grow at a given interest rate.
D.-the future value of periodic payments at a given interest rate.

2) An annuity may be defined as
A.-a series of payments of unequal amount.
B.-a series of consecutive payments of equal amounts.
C.-a series of yearly payments.
D.-a payment at a fixed interest rate.

3) Mr. Blochirt is creating a college investment fund for his daughter. He will put in $850 per year for the next 15 years and expects to earn an 8% annual rate of return. How much money will his daughter have when she starts college?
A.-$12,263
B.-$23,079
C.-$24,003
D.-$11,250

4) If you were to put $1,000 in the bank at 6% interest each year for the next ten years, which table would you use to find the ending balance in your account?
A.-Future value of $1
B.-Future value of an annuity of $1
C.-Present value of an annuity of $1
D.-Present value of $1

 

1) If you invest $8,000 at 12% interest, how much will you have in 7 years?
A.-$17,688
B.-$80,712
C.-$3616
D.-$18,016

2) In determining the future value of a single amount, one measures
A. the present value of an amount discounted at a given interest rate.
B. the present value of periodic payments at a given interest rate.
C. the future value of an amount allowed to grow at a given interest rate.
D. the future value of periodic payments at a given interest rate.

3) The three primary policy variables to consider when extending credit include all of the following except
A. the level of inflation.
B. credit standards.
C. the terms of trade.
D. collection policy.

4) An aggressive working capital policy would have which of following characteristics?
A. A low ratio of short-term debt to fixed assets.
B. A high ratio of long-term debt to fixed assets.
C. A high ratio of short-term debt to long-term sources of funds.
D. A short average collection period.

1. The direct materials quantity standard should
A) exclude unavoidable waste.
B) exclude quality considerations.
C) allow for normal spoilage.
D) always be expressed as an ideal standard.

Use the following to answer questions 2-4:
Stiner Company has a materials price standard of $2.00 per pound. Five thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5,000 pounds, although the standard quantity allowed for the output was 4,500 pounds.

2. Stiner Company’s materials price variance is
A) $100 U.
B) $1,000 U.
C) $900 U.
D) $1,000 F.

3. Stiner Company’s materials quantity variance is
A) $1,000 U.
B) $1,000 F.
C) $1,100 F.
D) $1,100 U.

4. Stiner Company’s total materials variance is
A) $2,000 U.
B) $2,000 F.
C) $2,100 U.
D) $2,100 F.

1. Which of the following will increase the net present value of a project?
A) An increase in the initial investment.
B) A decrease in annual cash inflows.
C) An increase in the discount rate.
D) A decrease in the discount rate.

2. Which of the following is true?
A) The form, content, and frequency of variance reports vary considerably among companies.
B) The form, content, and frequency of variance reports do not vary among      companies.
C) The form and content of variance reports vary considerably among companies, but the frequency is always weekly.
D) The form and content of variance reports are consistent among companies, but the frequency varies.

3. All of the following are involved in the capital budgeting evaluation process except a  company’s
A) board of directors.
B) capital budgeting committee.
C) Officers.
D) Stockholders.

4. The primary capital budgeting method that uses discounted cash flow techniques is the
A) net present value method.
B) cash payback technique.
C) annual rate of return method.
D) profitability index method.

Which of the following combinations of asset structures and financing patterns is likely to create the most volatile earnings?

1) Financial leverage deals with:
A.-the relationship of debt and equity in the capital structure.
B.-the entire income statement.
C.-the relationship of fixed and variable costs.
D.-the entire balance sheet.

2) When a firm employs no debt
A.-it has a financial leverage of zero.
B.-its operating leverage is equal to its financial leverage.
C.-it has a financial leverage of one.
D.-it will not be profitable.

3) A firm’s break-even point will rise if
A.-contribution margins increase
B.-price per unit rises
C.-fixed costs decrease
D.-variable cost per unit rises

4) If a firm has a price of $4.00, variable cost per unit of $2.50 and a breakeven point of 20,000 units, fixed costs are equal to:
A.-$10,000
B.-$30,000
C.-$13,333
D.-$50,000

1) In break-even analysis, the contribution margin is defined as
A.-price minus fixed cost.
B.-variable cost minus fixed cost.
C.-price minus variable cost.
D.-fixed cost minus variable cost.

2) Kuznets Rental Center requires $1,000,000 in financing over the next two years. Kuznets can borrow long-term at 9 percent interest per year for two years. Alternatively, Kuznets can borrow short-term and pay 7 percent interest in the first year. Then, Kuznets projects paying 10 percent interest in the second year. Assuming Kuznets pays off the accrued interest at the end of each year, which of the following statements is true?
A.-Kuznets will definitely end up paying less under the long-term financing plan.
B.-Kuznets will probably pay more under the short-term financing plan.
C.-Kuznets will definitely end up paying more under the long-term financing plan.
D.-Kuznets will probably pay less under the short-term financing plan.

3) The theory of the term structure of interest rates which suggests that long-term rates are determined by the average of short-term rates expected over the time that a long-term bond is outstanding is the
A.-segmentation theory.
B.-liquidity premium theory.
C.-expectations hypothesis.
D.-market average rate theory.

4) Normally, permanent current assets should be financed by
A.-short-term funds.
B.-long-term funds.
C.-borrowed funds.
D.-internally generated funds.

 

1) Risk exposure due to heavy short-term borrowing can be compensated for by
A.-carrying illiquid assets.
B.-carrying highly liquid assets.
C.-carrying longer term, more profitable current assets.
D.-carrying more receivables to increase cash flow.

2) An aggressive working capital policy would have which of following characteristics?
A.-A low ratio of short-term debt to fixed assets.
B.-A high ratio of long-term debt to fixed assets.
C.-A high ratio of short-term debt to long-term sources of funds.
D.-A short average collection period.

3) Which of the following combinations of asset structures and financing patterns is likely to create the most volatile earnings?
A.-Illiquid assets and heavy long-term borrowing
B.-Illiquid assets and heavy short-term borrowing
C.-Liquid assets and heavy long-term borrowing
D.-Liquid assets and heavy short-term borrowing

4) “Float” takes place because
A.-the level of cash on the firm’s books is equal to the level of cash in the bank.
B.-a firm is early in paying its bills.
C.-a lag exists between writing a check and clearing it through the banking system.
D.-a customer writes “hot” checks.

1) In managing cash and marketable securities, what should be the manager’s primary concern?
A.-Maximization of liquid assets
B.-Maximization of profit
C.-Acceptable return on investment
D.-Liquidity and safety

2) How would electronic funds transfer affect the use of “float”?
A.-Decrease its use somewhat
B.-Increase its use somewhat
C.-Virtually eliminate its use
D.-Have no effect on its use

3) Dun & Bradstreet is known for providing
A.-credit scoring reports that rank a company’s payment habits relative to its peer group.
B.-interest rate information to cash managers.
C.-cash management systems to corporate treasurers.
D.-consumer credit reports to credit card companies.

4) The three primary policy variables to consider when extending credit include all of the following except
A.-the level of inflation.
B.-credit standards.
C.-the terms of trade.
D.-collection policy.

 

1) Variables important to credit scoring models include
A.-negative public records.
B.-age of company in years.
C.-facility ownership.
D.-all of these variables apply.

2) What is generally the largest source of short-term credit small firms?
A.-Commercial paper
B.-Bank loans
C.-Installment loans
D.-Trade credit

3) Commercial paper that is sold without going through a broker or dealer is known as
A.-dealer paper.
B.-term paper.
C.-book-entry transactions.
D.-direct paper.

4) Which of the following is not a true statement about commercial paper?
A.-Finance paper is also referred to as direct paper.
B.-Industrial companies, utility firms or finance companies too small to sell direct paper sell dealer paper.
C.-Dealer paper is sold directly to the lender by a finance company.
D.-Finance paper is sold directly to the lender by the finance company.

Which Supreme Court decision was the basis for establishing legal racial discrimination in the South after 1896, the one that was overturned in 1954?

1. Which Supreme Court decision was the basis for establishing legal racial discrimination in the South after 1896, the one that was overturned in 1954?
(A) Marbury v. Madison
(B) Griswold v. Connecticut
(C) Plessy v. Ferguson
(D) Standard Oil v. United States
(E) Brown v. Board of Education

2. Suburban growth in the US accelerated between 1945 and 1980 for all of the following reasons EXCEPT
(A) mass immigration from Southern and Eastern Europe
(B) much higher birth rates than in previous periods in US history
(C) the movement of industries outside of city centers
(D) the use of prefabricated materials to construct housing on relatively cheaper land
(E) the use of low-interest government-backed loans to make it easier to buy a home

3. Which was NOT an effect of the American Housing Act of 1949?
(A) The successful integration of Blacks into middle class White communities
(B) The opening up of the suburbs to the American working-class and lower middle class
(C) The availability of cheap land for real estate companies and industrial concerns
(D) The policy of building high-rise public housing in densely populated urban areas
(E) The emergence of the suburbs as the cultural center of the American nuclear family

4. One of the principal reasons for the failure of McCarthyism was
(A) the return of the Socialist Party as a prominent political force
(B) the inability of Hollywood to make movies about Communism
(C) the refusal of White progressives to support McCarthy in 1954
(D) the failure of teachers in the South to sign loyalty oaths
(E) the waning of support for unsubstantiated accusations from both political parties

 

1) Maximization of shareholder wealth is a concept in which
A. profits are maximized on a quarterly basis.
B. virtually all earnings are paid as dividends to common stockholders.
C. increased earnings is of primary importance.
D. optimally increasing the long-term value of the firm is emphasized.

2) What is the primary goal of financial management?
A. Maximizing cash flow
B. Maximizing shareholder wealth
C. Increased earnings
D. Minimizing risk of the firm

3) One of the major disadvantages of a sole proprietorship is
A. the simplicity of decision making.
B. low organizational costs.
C. that there is unlimited liability to the owner.
D. low operating costs.

4) The statement of cash flows does NOT include which of the following sections?
A. cash flows from sales activities
B. cash flows from investing activities
C. cash flows from operating activities
D. cash flows from financing activities

1) Which of the following is not a primary source of capital to the firm?
A.-common stock
B.-preferred stock
C.-assets
D.-bonds

2) Which account represents the cumulative earnings of the firm since its formation, minus dividends paid?
A.-Common stock
B.-Accumulated depreciation
C.-Paid-in capital
D.-Retained earnings

3) The most rigorous test of a firm’s ability to pay its short-term obligations is its
A.-quick ratio.
B.-times-interest-earned ratio.
C.-current ratio.
D.-debt-to-assets ratio.

4) In examining the liquidity ratios, the primary emphasis is the firm’s
A.-overall debt position.
B.-ability to earn an adequate return.
C.-ability to effectively employ its resources.
D.-ability to pay short-term obligations on time.

 

1) Which of the following is not considered to be a profitability ratio?
A.-times interest earned
B.-return on assets (investment)
C.-profit margin
D.-return on equity

2) In general, the larger the portion of a firm’s sales that are on credit, the
A.-higher will be the firm’s need to borrow.
B.-more the firm can buy raw materials on credit.
C.-lower will be the firm’s need to borrow.
D.-more rapidly credit sales will be paid off.

3) In financial statements, the number of units shown in cost of goods sold as compared to the number of the units actually produced
A.-is lower.
B.-can be either higher or lower.
C.-is higher.
D.-is the same.

4) In order to estimate production requirements, we
A.-add projected sales in units to desired ending inventory and subtract beginning inventory.
B.-add beginning inventory to desired ending inventory and subtract projected sales in units.
C.-add beginning inventory to projected sales in units and subtract desired ending inventory.
D.-add beginning inventory to desired ending inventory and divide by two.

1) The key initial element in developing pro forma statements is
A.-an income statement.
B.-a sales forecast.
C.-a cash budget.
D.-a collections schedule.

2) A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the cost of goods sold (assume FIFO)?
A.-$8,000
B.-$7,700
C.-$9,000
D.-$8,100

3) The difference between total receipts and total payments is referred to as
A.-beginning cash flow.
B.-net cash flow.
C.-cumulative cash flow.
D.-cash balance.

4) The concept of operating leverage involves the use of __________ to magnify returns at high levels of operation.
A.-variable costs
B.-marginal costs
C.-fixed costs
D.-semi-variable costs

Which new technology revolutionized advertising and was the basis for a new consumer culture in the 1950s?

1. One of the principal reasons for the “good old days” nostalgia for the 1950s is because it was a decade marked by
(A) an enormous increase in drinking among minors
(B) absenteeism among factory workers
(C) a much higher divorce rate
(D) growing acceptance of domestic violence for stressed male breadwinners
(E) an enormous growth of the White middle class

2. The Hartley-Taft Act of 1947 led to
(A) all industrial, mining and agricultural workers combining to form “one big union”
(B) limits on the ability of unions to partake in management decisions of their employers
(C) intellectuals and workers forming a labor party for political action
(D) unskilled workers being able to join a union
(E) workers joining a fraternal organization in support of communism

3. “From what I have seen of our Russian friends and Allies during the war, I am convinced that there is nothing they admire so much as strength, and there is nothing for which they have less respect than for weakness, especially military weakness. For that reason the old doctrine of a balance of power is unsound. We cannot afford, if we can help it, to work on narrow margins, offering temptations to a trial of strength. If the Western Democracies stand together in strict adherence to the principles of the United Nations Charter, their influence for furthering those principles will be immense and no one is likely to molest them. If however they become divided or falter in their duty and if these all-important years are allowed to slip away then indeed catastrophe may overwhelm us all.”
This line of reason is most typical of
(A) transcendentalism
(B) existentialism
(C) anti-Communism
(D) pacification
(E) French impressionism

4. The policy of internationalism and aggressive interventionism after World War II had which of the following effects on the United States?
(A) It left the armed forces unprepared for a potential war against the Soviet Union
(B) It discouraged American involvement in the United Nations
(C) It enabled its economy to dominate the free world
(D) It encouraged a new wave of European imperialism and plans for territorial expansion
(E) It provided windfall profits to the emerging African nations

1. One of the principal reasons for the failure of McCarthyism was
(A) the return of the Socialist Party as a prominent political force
(B) the inability of Hollywood to make movies about Communism
(C) the refusal of White progressives to support McCarthy in 1954
(D) the failure of teachers in the South to sign loyalty oaths
(E) the waning of support for unsubstantiated accusations from both political parties

2. Southern state governments did all of the following in stalling desegregation EXCEPT
(A) the creation of separate public universities for African Americans
(B) the development of separate Whites-only private schools
(C) the closing of public schools to avoid the prospect of racial integration
(D) the inclusion of African Americans in the political process for the first time
(E) the provision of funds for rebuilding and expanding Ku Klux Klan networks           throughout the South

3. In the period 1945–1960, all of the following were generally true about African Americans EXCEPT:
(A) Voting rights were gained primarily through migrations away from the South.
(B) The National Association for the Advancement of Colored People (NAACP)         endorsed the Back-to-Africa movement.
(C) African American leaders disagreed on the principal strategy for ending segregation.
(D) Numerous African Americans involved themselves in civil rights campaigns in both          the North and the South.
(E) African Americans from the rural South migrated mostly to northern and West Coast      cities.

4. Conservative opponents of the United Nations argued that it would
(A) isolate the United States from postwar world affairs
(B) prevent the US from aggressively confronting Communism around the world
(C) violate President Truman’s own Truman Doctrine
(D)limit United States sovereignty
(E) give England and France a greater role than the United States in maintaining world peace

1. Which of the following best characterizes the stance of the writers associated with a variety of literary flowerings of the 1950’s, such as J.D. Salinger and Jack Kerouac?
(A) Sympathy for Protestant fundamentalism
(B) Nostalgia for the “good old days”
(C) Commitment to the cause of racial equality
(D) Advocacy of cultural isolationism and conformity with traditional values
(E) Disillusionment with and criticism of middle-class conformity and materialism

2. Which was NOT an effect of the American Housing Act of 1949?
(A) The successful integration of Blacks into middle class White communities
(B) The opening up of the suburbs to the American working-class and lower middle class
(C) The availability of cheap land for real estate companies and industrial concerns
(D) The policy of building high-rise public housing in densely populated urban areas
(E) The emergence of the suburbs as the cultural center of the American nuclear family

3. Which new technology revolutionized advertising and was the basis for a new consumer culture in the 1950s?
(A) Television
(B) Radio
(C) Newspapers
(D) Billboards
(E) Catalogues

4. Mass immigration to the US between 1945 and 1960 involved which one (1) of the following groups?
(A) Jews
(B) Chinese
(C) Arabs
(D) Poles
(E) Vietnamese

1. The purpose of the 22nd Amendment was to
(A) grant women the right to vote
(B) limit the presidency to two terms
(C) establish a federal income tax
(D) abolish the institution of slavery
(E) maintain that corporations are people

2. America became an economic and military superpower by and after 1945 because
(A) it was a period of little material benefit for American workers
(B) of the large numbers of strikes that occurred
(C) it was an age in which the US economy expanded like never before
(D) not possessing an atomic weapon was a dominant theme of this era.
(E) armies and navies made heavy use of cannon to protect their borders

3. Suburban growth in the US accelerated between 1945 and 1980 for all of the following reasons EXCEPT
(A) mass immigration from Southern and Eastern Europe
(B) much higher birth rates than in previous periods in US history
(C) the movement of industries outside of city centers
(D) the use of prefabricated materials to construct housing on relatively cheaper land
(E) the use of low-interest government-backed loans to make it easier to buy a home

4. Which Congressional act paved the way for the reconstruction of Europe and Japan in the years after World War II?
(A) The Homestead Act
(B) The New Deal
(C) The Fair Deal
D) The Marshall Plan
(E) The Eisenhower Plan

1. US interventions in Iran in 1952 in Guatemala in 1954 led directly to which of the following results in these two countries?
(A) Independence
(B) The rise of Communism
(C) The rise of dictatorships
(D) Annexation
(E) Economic prosperity

2. Between 1945 and 1960, banks and real estate agencies colluded to
(A) split the profits made from government-backed mortgages
(B) inflate real estate and housing assets and profits before selling
(C) increase competition by dividing up large companies into smaller ones
(D) provide higher wages to unionized workers
(E) force Blacks to buy relatively expensive, low-quality housing in poorer communities

3. African Americans migrated to the cities of the urban North and Midwest during and after World War II for all the following reasons EXCEPT:
(A) greater opportunities for industrial jobs
(B) Northern Whites welcomed them with open arms
(C) the lack of economic opportunities in the South
(D) better conditions for educating their children
(E) the high risk of violence from Southern Whites

4. Babies born in the 1945-1960 period were commonly known as:
(A) Beatniks
(B) The Greatest Generation
(C) Baby Boomers
(D) Hippies
(E) Divas

Which of the following is true regarding the inner transition elements? 

1. _______ with the largest atoms and the smallest number of valence electrons and _______ with the smallest atoms and the greatest number of valence electrons are the most reactive.
A. Nonmetals; metals
B. Transition elements; metals
C. Metals; nonmetals
D. Nonmetals; transition elements

2. Which of the following is true regarding the inner transition elements?
A. They occupy the d block of the periodic table.
B. These include all elements in groups 3–12.
C. These include the lanthanides and actinides and do not have f sublevels.
D. Their valence electrons can be located in both s and f sublevels.

3. When an atom of iron loses all of its 4s electrons and one of its 3d electrons, what is its charge?
A. 5+
B. 3+
C. 7+
D. 52

4. When chromium loses two electrons, its configuration changes to
A. [Ar]4s13d5.
B. [Ar]4s13d4.
C. [Ar]3d4.
D. [Ar]4s1.

1. Which of the following elements would exhibit the greatest shielding effect?
A. Sodium
B. Potassium
C. Lithium
D. Rubidium

2. The number of energy levels to which an electron can jump depends on the
A. amount of energy it absorbs.
B. color of light only.
C. wavelength of light only.
D. electromagnetic spectrum.

3. Ethyne differs from ethene in what way?
A. Ethyne contains only carbon and hydrogen atoms.
B. The carbons in ethyne are not fixed in place as they are in ethene.
C. The carbons share three pairs of electrons in ethyne and only two pairs in ethene.
D. The carbons in ethyne each form three single bonds whereas those in ethene each form four single bonds.

4. What statement does not accurately describe the following equation?
A. Oxygen is a reactant.
B. This reaction is endothermic.
C. This reaction releases energy.
D. Eighteen atoms of oxygen are found as both part of the reactants and the products.

 

1. Which of the following is true?
A. Cesium is the most active group 1 metal, because its valence electron is held more tightly than the others in the same group.
B. Group 1 elements are more reactive than the group 2 elements because they have more valence electrons to lose.
C. Lithium is the least reactive element in group 1, because it is the smallest and holds its valence electron more tightly than the others in the same group.
D. The least reactive element in group 2 is the one with the largest atomic radium and the least amount of attraction between the nucleus and the valence electrons.

2. Which of the following is not true of polar covalent bonds?
A. Polar covalent bonds create two poles across the bond.
B. Polar covalent bonds result from the unequal sharing of electrons.
C. Electronegativity differences for atoms with polar covalent bonds range between 0.5 and 2.0.
D. Polar covalent bonds exist between atoms of the same element.

3. Which element has the electron configuration 1s22s22p63s23p3?
A. Phosphorus
B. Arsenic
C. Krypton
D. Scandium

4. Covalent bonding (with an electro negativity difference below 0.5) results when fluorine bonds with
A. hydrogen.
B. potassium.
C. iodine.
D. fluorine.

 

1. All the following are signs of a chemical reaction, except
A. a release of gas.
B. a change in color or odor.
C. a change of state.
D. a change in energy.

2. Which of the following would not increase the rate of most reactions?
A. Adding a catalyst
B. Increasing the temperature
C. Lowering the concentration of the reactants
D. Removing an inhibitor

3. Which of the following is true regarding the inner transition elements?
A. They occupy the d block of the periodic table.
B. These include all elements in groups 3–12.
C. These include the lanthanides and actinides and do not have f sublevels.
D. Their valence electrons can be located in both s and f sublevels.

4. What statement does not accurately describe the following equation?
A. Oxygen is a reactant.
B. This reaction is endothermic.
C. This reaction releases energy.
D. Eighteen atoms of oxygen are found as both part of the reactants and the products.

1. Brown v. Board of Education of Topeka was a Supreme Court decision that
(A) was a forerunner of the Kansas-Nebraska Act
(B) established free public colleges in the United States
(C) declared racially segregated public schools inherently unequal
(D) established free public elementary and secondary schools in the United States
(E) provided for federal support of parochial schools

2. Joseph McCarthy’s investigative tactics found support among many Americans because
(A) evidence substantiated his charges against the army
(B) there was widespread fear of communist infiltration of the United States
(C) both Truman and Eisenhower supported him
(D) he worked closely with the FBI
(E) he correctly identified numerous communists working in the State Department

3. Which of the following best describes the National Defense Education Act of 1958?
(A) The authorization of martial arts classes for public schools
(B) An outpouring of self-defense class funding to counter a potential Soviet invasion
(C)The beginning of federal funding for public schools
(D) A response to Sputnik and the perceived technology gap between the US and USSR
(E) The establishment of the back-to-basics movement for public schools

4. The Truman Doctrine did which of the following?
(A) Prohibited United States intervention in the Caribbean.
(B) Warned against European seizure of the Panama Canal.
(C) Sought to end the wave of nationalization of American-owned property in Latin America.
(D)Declared the United States to be the “policeman” for democracy worldwide.
(E) Provided United States military support for democratically elected socialists in Latin America and Asia.

What is the current break-even point in terms of number of units for the next month?

1. When discussing the roles of budgets, a planning role in the budgeting process includes:
measuring outcomes against planned amounts
developing the master budget
assessing performance
reporting actual amounts at the end of the budgeting period

2. Operating budgets and financial budgets:
combined form the master budget
are prepared before the master budget
are prepared after the master budget
have nothing to do with the master budget

3. Discretionary expenditures:
are usually planned for first
are amounts paid for the use of flexible resources
are not determined by the organization’s level of production
increase in amount during periods of greater activity

4. In __________, as one budget period passes, planners delete that budget period from the master budget and add another one.
zero-based budgeting
periodic budgeting
incremental budgeting
continuous budgeting

The following information applies to Questions 1 and 2.
DH Manufacturing produces a single product that sells for $8. Variable (flexible) costs per unit equal $3.20. The company expects the total fixed (capacity-related) costs to be $7,200 for the next month at the projected sales level of 20,000 units. In an attempt to improve performance, management is considering a number of alternative actions. Each situation is to be evaluated separately.

1. What is the current break-even point in terms of number of units for the next month?
1,500 units
2,250 units
3,333 units
None of the above is correct.


2. Suppose that DH Manufacturing’s management believes that a $1,600 increase in the monthly advertising expense will result in a considerable increase in sales. How much must sales increase in a month to justify this additional expenditure?
200 units
334 units
500 units
None of the above is correct.

3. A favorable cost variance of significant magnitude:
is the result of good planning
may lead to improved production methods if it is investigated
indicates that management does not need to be concerned about lax standards
does not need to be investigated

4. A flexible budget contains:
cost targets for actual output
cost targets for planned output
the difference between planned and actual output
actual costs for actual output

The following Information applies to questions 1 and 2.
Abita Manufacturing has prepared the following flexible budget for October and it is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable variance.
————Variances————-
Flexible Budget     Price/Rate     Use/Efficiency
Material A     $20,000     $1,000 F     $3,000 U
Material B     30,000     500 U     1,500 F
Direct labor     40,000     500 U     2,500 F

1. The most likely explanation of the above variances for Material A is that:
a lower price than expected was paid for Material A
higher quality raw materials were used than were planned
the company used a new supplier
d. Material A used during October was $2,000 less than expected

2. The most likely explanation of the above direct labor variances is that:
the average wage rate paid to employees was less than expected
employees did not work as efficiently as expected to accomplish the job
the company may have assigned more experienced employees this month than originally planned
management may have a problem with budget slack and may be using lax standards for both labor wage rates and expected efficiency

3. The purchase of long-term assets results in all of the following except:
the creation of committed resources
the creation of unit-related costs
additional risk for the organization
reduced organizational flexibility

4. The cost of capital:
reflects the perceived level of risk that investors require
is used to calculate the accounting rate of return
is used to calculate the future value of
is another term for the rate of return

1. The net present value (NPV) capital budgeting decision method:
can be directly compared between alternatives
incorporates the time value of money in the calculations
is based on accounting net income
indicates an acceptable capital project with a negative value

2. On a capital project, a net present value of ($250):
indicates the capital project’s rate of return exceeds the company’s cost of capital
for one project is considered superior to another project with a net present value of $500
indicates the internal rate of return would be unacceptable
indicates cash outflows total $250 for the capital project

3. A 13% internal rate of return (IRR) on a capital project indicates all of the following except:
the actual rate of return of all cash inflows and outflows
that a 13% discount rate will result in the calculation of a net present value of zero
a better indication of acceptable capital projects when there is limited capital than the net present value method
an acceptable capital project if the cost of capital is 14%

4. Which of the following indicates an unacceptable capital project?
The internal rate of return exceeds the cost of capital.
The net present value of a project is 10.
The profitability index of a project is 0.97.
The accounting rate of return exceeds the target rate of return.

THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 1 AND 2.
Consider the following two mutually exclusive projects, each of which requires an initial investment of $30,000 and both provide cash inflows of $60,000 as shown below. This organization has a 15% cost of capital.
Year     Project A     Project B
0     ($30,000)      ($30,000)
1     $30,000     $10,000
2     20,000     20,000
3      10,000     30,000

1. Using the payback criterion, which is the most desirable project?
Project A
Project B
Both projects A and B are equally acceptable.
Neither project A or B is acceptable.

2. Using the net present value criterion, which is the most desirable project?
Project A
Project B
Both projects A and B are equally acceptable.
The desirability cannot be determined using the current information.

The following Information applies to questions 1 and 2.
Sollberger Company is now investigating three mutually exclusive investment opportunities. The company’s cost of capital is 10 percent. Information on the three investment projects under study is given below:
1     2     3
Initial investment     $(40,000)     $(36,000)     $(45,000)
Net present value     $(2,024)     $7,340     $7,297
Profitability index     0.95     1.20     1.10
Internal rate of return     8%     14%     19%
Life of the project     5 yrs     12 yrs     3 yrs
Sollberger Company has limited funds available for investment and, therefore, it can’t accept all of the projects listed above.

3. Which projects are acceptable to Sollberger?
investment 2
investment 3
investment 2 and 3
investment 1, 2, and 3

4. Which single investment do you recommend of these three mutually exclusive projects?
investment 1
investment 2
investment 3
All of these investments could be recommended.

1. Which element’s atomic radius changes the most in size when it becomes ionized?
A. Lithium
B. Chlorine
C. Fluorine
D. Sodium

2. Which of the following are not grouped according to similar chemical properties?
A. Cobalt, iron, nickel
B. Gold, silver, copper
C. Iron, copper, ruthenium
D. Ruthenium, iridium, palladium

3. What is the electro negativity difference for a bond between potassium and iodine?
A. 4.6
B. 1.7
C. 3.3
D. 0.4

4. Due to shape and polarity differences, the boiling point of carbon dioxide dioxide is _______ water.
A. lower than
B. equal to
C. much higher than
D. slightly higher than

Which of the following is a true statement about the visibility of poverty in American society today?

1. The defining characteristic of a social insurance program is that
eligibility for the program’s benefits is confined to those who pay the special taxes that fund the program.
it is administered jointly by the national government and the states.
it is targeted at those who are most in need of welfare assistance.
it is administered through private insurance companies.
None of the answers are correct.

2. In regard to the Iraq conflict, the United States
has been able to count on its traditional allies for troops and money for the war.
has been able to count on its traditional allies for troops but not money.
has been able to count on its traditional allies for money but not troops.
has borne the very large share of military casualties and money costs of the war.
has had financial support from the Arab states although they have publicly stated their opposition to the war in Iraq.

3. The term “means test” refers to
the tax on a portion of the Social Security benefits of upper-income retirees.
whether an applicant’s income is low enough to qualify for public assistance.
the mandatory physical examination that Medicare and Medicaid applicants must undergo before they can receive benefits.
the mandatory psychological examination that Medicare and Medicaid applicants must undergo before they can receive benefits.
None of the answers are correct.

4. The key issue of regulatory policy is
the great amount of paperwork (red tape).
whether the costs imposed by regulation on business outweigh its potential benefits.
whether corporate and consumer interests are equally represented on regulatory commissions.
whether it has bipartisan support in Congress.
whether the commissioners’ opinion about a policy is unanimous.

1. he Social Security benefits that today’s retirees receive are funded primarily by
tax contributions they made in the past and which were put in a trust fund from which current payments are made.
payroll taxes on people who are currently working.
equal contributions from the national and state governments.
borrowed funds, which contribute to the national debt.
None of the answers are correct.

2. Of the following, which is likely the least criticized public assistance program?
Supplemental Security Income
Aid to Families with Dependent Children
Food Stamps
Medicaid
housing subsidies

3. ________ assists the president in creating the annual budgetary proposal to Congress.
The U.S. Treasury Department
The Federal Reserve Board
The Congressional Budget Office
The Council of Economic Advisers
The Office of Management and Budget

4. The foundation for U.S. policy toward the Soviet Union after World War II was
détente.
unilateralism.
containment.
internationalism.
isolationism

1. Which of the following is a true statement about the visibility of poverty in American society today?
Media coverage often focuses on the plight of the poor in America.
In polls each year, Americans identify the problem of poverty as one of the nation’s top three problems.
Poverty is less visible in the suburbs than in inner cities or rural areas.
Poverty has been virtually eliminated in the United States.
Poverty is most apparent in the case of elderly Americans.

2. Economic efficiency requires
that the free market not be regulated by government.
firms to fulfill as many of society’s needs by using as few of their resources as possible.
the economy to be organized around large firms.
economic transactions to be fair to each party.
economic transactions to be equal to each party.

3. Keynesian economics emphasizes ________ as a means of stimulating the economy in order to bring about the end of an economic recession or depression.
reduced taxes
increased government spending
decreased regulation
decreased inflation
increased taxes

4. Which of the following is true regarding income patterns in America?
The income of the average American family exceeds $100,000.
The top fifth of Americans in terms of income receive half of the total income in the nation.
The bottom fifth of Americans get only slightly less than 20 percent of total national income.
The United States has the lowest amount of income inequality of any industrialized democracy.
U.S. tax policy is designed to transfer a large proportion of the nation’s wealth from richer Americans to poorer ones.

1. The Fed is a preeminent example of ________ politics at work.
pluralist
elitist
major itarian
Republican
Democratic

2. If the economic problem is low productivity and high unemployment, the fiscal policy action on the demand side would be to
increase taxes.
cut business taxes.
increase spending.
decrease spending.
None of the answers are correct.

3. The TANF program must operate within all the following guidelines except
states have no discretion in their handling of welfare cases.
eligibility for cash assistance is limited to no more than five years in a lifetime.
within two years, the heads of most families on welfare have to find work or risk the loss of benefits.
unmarried teenage mothers are qualified for welfare benefits only if they remain in school and live with a parent or legal guardian.
single mothers will lose a portion of their benefits if they refuse to cooperate in identifying the father of their children.

4. Which country produces the largest proportion of the world’s greenhouse gas emissions, which are a cause of global warming?
Brazil
Russia
China
United States
India

1. President Franklin Roosevelt’s methods of restoring the economy’s health after the Depression were closest to the economic position of
Adam Smith.
John Maynard Keynes.
Karl Marx.
Alan Greenspan.
Milton Friedman.

2. The nuclear triad consists of
land-based missiles, long-range bombers, and tactical nuclear weapons.
long-range bombers, jet fighters, and submarine-based missiles.
land-based missiles, submarine-based missiles, and long-range bombers.
long-range bombers, land-based missiles, and cruise missiles.
None of the answers are correct.

3. The key issue of regulatory policy is
the great amount of paperwork (red tape).
whether the costs imposed by regulation on business outweigh its potential benefits.
whether corporate and consumer interests are equally represented on regulatory commissions.
whether it has bipartisan support in Congress.
whether the commissioners’ opinion about a policy is unanimous.

4. Which of the following statements is true concerning American public opinion on school vouchers?
Americans are divided in their opinions on school vouchers.
Americans strongly support school vouchers.
Americans strongly oppose school vouchers.
Most Americans have never heard of school vouchers.
Americans favor higher taxes to pay for vouchers.