University of Phoenix BUS 475 - BUS 475 Final Exam Answers (includes 8)


The following Final Exams with answers are included:

  1. Final Exam 1

  2. Final Exam 2

  3. Final Exam 3

  4. Final Exam 4

  5. Final Exam 5

  6. Final Exam 6

  7. Final Exam 7

  8. Final Exam 8

Preview of exam questions:

As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. The western division's vice president's salary
B. Factory janitor
C. Cost of landscaping the corporate office
D. General corporate liability insurance

The cost of an asset and its fair market value are __________.
A. the same on the date of acquisition
B. never the same
C. the same when the asset is sold
D. irrelevant when the asset is used by the business in its operations

One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
A. $90,000
B. $150,000
C. $60,000
D. $75,000

The cost principle is the basis for preparing financial statements because it is __________.
A. the most accurate measure of purchasing power
B. a conservative value
C. relevant and objectively measured, and verifiable
D. an international accounting standard

Which one of the following items is not generally used in preparing a statement of cash flows?
A. Additional information
B. Adjusted trial balance
C. Comparative balance sheets
D. Current income statement

To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.
A. cooperate rather than compete with each other
B. collude with each other
C. form various degrees of cartels
D. compete rather than cooperate with each other

Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms' production levels as given. Then in equilibrium the output effect __________.
A. can be larger or smaller than the price effect
B. must dominate the price effect
C. must be smaller than the price effect
D. must balance with the price effect

The price of a good that prevails in a world market is called the
A. world price.
B. absolute price.
C. relative price.
D. comparative price.

A country's consumption possibilities frontier can be outside its production possibilities frontier if __________.
A. the country imports more than it exports
B. the country's technology is superior to the technologies of other countries
C. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries
D. the country engages in trade

When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.
A. double the quantity supplied
B. less than quantity supplied
C. greater than quantity supplied
D. equal to quantity supplied

If a binding price ceiling were imposed in the computer market, __________.
A. the quality of computers would increase
B. the supply of computers would decrease
C. the demand for computers would increase
D. a shortage of computers would develop

For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________.
A. plus the cost of tuition, equals the opportunity cost of going to college
B. should be counted only to the extent that they are more expensive at college than elsewhere
C. should be counted in full, regardless of the costs of eating and sleeping elsewhere
D. usually exceed the opportunity cost of going to college

In the market for foreign-currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________.
A. demanded for the purpose of importing foreign goods and services
B. supplied for the purpose of buying assets abroad
C. supplied for the purpose of selling assets domestically
D. demanded for the purpose of buying U.S. net exports of goods and services


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