Tying performance measures more closely to a manager’s efforts (A+)

ACCOUNTING

Multiple Choice

Tying performance measures more closely to a manager’s efforts

a. encourages the use of nonfinancial measures.

b. results in a strict use of financial ratios.

c. results in the salary component of compensation dominating the total compensation package.

d. includes both (a) and (c).

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Relative performance evaluation (A+)

ACCOUNTING

Multiple Choice

Relative performance evaluation

a. is called benchmarking.

b. filters out the effect of common noncontrollable factors.

c. results in managers having no incentive to help one another.

d. include all of the above.

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BUSN 115 Final Exam – Some of the characteristics of lean systems include

Question 1.(TCO 7) Some of the characteristics of lean systems include which of the following? (Points : 5)
They take twice the human effort.
They have the same defects in the finished product.
They require half of the engineering effort.
They use half the floor space for the same output.
They carry 50% more inventory.

Question 2.(TCO 7) Mass customization means (Points : 5)
tailoring products to meet the needs of a large number of individual customers.
fewer and fewer manufacturers are learning to customize their products.
manufacturing companies may become service companies over time.
more and more manufacturers are learning to customize their products.
operations management concepts are not applicable to the service sector.

Question 3.(TCO 8) One scarce item in the future will be water. Which is the least expensive way to get water from places of abundance to places of need? (Points : 5)
Pipeline transmission
Air transportation
Truck transportation
Ship transportation
Train transportation

Question 4.(TCO 8) If there is one thing that advertisers agree upon, it is the growing importance of social media in product promotion. Given this information, (Points : 5)
investing in social media hinders a company in reaching its goals.
social media needs to work hand in hand with other channels.
social media reaches old audiences that have new devices.
nontraditional audiences are the new target for social media.
social media and direct mail are complementary to one another.

Question 5.(TCO 1) You own a hardware store in the small town where you live. A big-box, multiline competitor has just opened. You see the following as your advantages of maintaining your market share and continued sales revenue. (Select all that apply.) (Points : 5)
Quickly adapting to the market
Providing improved customer service
Increasing your inventory levels
Opening a branch store across the street from the big box
Providing free expert advice and consultation to your customers

Question 6.(TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small-business start-up? (Select all that apply.) (Points : 5)
Undercapitalization
Competitors and competition
Government control
Collecting and remitting sales and use taxes
Training for what you don’t know how to do

Question 7.(TCO 1) A technique that combines all the promotional tools into one comprehensive, unified promotional strategy includes which? (Select all that apply.) (Points : 5)
The creation of a positive brand image
Meeting the needs of the consumer
Meeting the strategic marketing goals of the firm
Meeting the promotional goals of the firm
Meeting profit expectations of external investors
The real answer that incorporates all these elements is called “Integrated Marketing Communications”.

Question 8.(TCO 2) A conscious plan that represents and encourages a unique set of values includes which? (Select all that apply.) (Points : 5)
Our elected representatives
Our communities
Our competitors
Our employees
Our customers

Question 9.(TCO 2) The Uniform Commercial Code includes which? (Select all that apply.) (Points : 5)
Laws that cover promissory notes and checks
Legally enforceable agreements between two or more parties
Bills of Lading
Something of value
Forms of commercial paper

Question 10.(TCO 2) Some regulation of business seems necessary to ensure fair and honest dealings with the public. The impact of this statement can best be explained by which of the following? (Select all that apply.) (Points : 5)
Consumers and investors have called for increased government regulation in the financial sector.
U.S. businesses will need to work with government to create a competitive environment that is fair.
Future financial crises will not be as severe as previous ones.
Businesses won’t have to worry with future healthcare insurance regulations.
Global competition will steadily decline over time.

Question 11.(TCO 3) Strategies for reaching global markets include which? (Select all that apply.) (Points : 5)
Licensing
Importing
Direct marketing
Franchising
Contract manufacturing

Question 12.(TCO 3) Nations rely on a number of key indicators to measure global trade. These include which? (Select all that apply.) (Points : 5)
The total value of a nation’s exports compared to its imports measured over a particular period
The total value of a nation’s imports compared to its gross domestic product over a particular period
The total value of a nation’s exports compared to the value of the International Monetary Fund
The difference between money coming into a country and money leaving the country
The difference between money leaving the country and its imports measured over a particular period

Question 13.(TCO 3) In 1948, a global forum was created whose purpose it was to reduce trade restrictions on goods, services, ideas, and cultural programs. The results of the efforts of this organization include which? (Select all that apply.) (Points : 5)
The creation of regional alliances
Reduction of tariffs an average of 38% worldwide
Expansion of new trade rules to areas like agriculture
The protection of patents
Overcoming constraints and decrease business opportunities

Question 14.(TCO 4) The disadvantages of sole proprietorships are which? (Select all that apply.) (Points : 5)
Risk of personal success
Risk of personal loss
Unlimited financial resources
Few or no fringe benefits
Unlimited life span

Question 15.(TCO 4) A limited liability company has which of the following advantages? (Select all that apply.) (Points : 5)
Limited liability
Choice of taxation
Flexible ownership rules
Self-employment taxes
Fewer incentives

II.

Question 1.(TCO 5) In this digital age, setting up shop online is vital for most retail businesses. But having only an online presence that customers can access at home isn’t enough anymore. Now consumers have an array of smartphones and digital tablets that can get them online from anywhere. For social networks and retailers alike, the mobile market has already enjoyed tremendous growth. Given this information as a sales manager for Always Better Car Sales (ABCS), your concerns include which of the following? (Select all that apply.) (Points : 5)
Migrating to the mobile medium shouldn’t be a problem.
Making the leap from laptop to touchscreen is an option at this stage of your efforts.
Social media is one option to enter the mobile market.
Using a service such as a mobile commerce platform is an option.
Economists estimate that as much as 51% of the total consumer spending may go through social networking sites.

Question 2.(TCO 4) To look at problems and/or passions and see opportunities in them, which of the following questions should be asked? (Select all that apply.) (Points : 5)
What do I want but can never find?
What services would improve society?
What products would improve my life?
What irritates me, and what product would help?
What products would improve all mankind?

Question 3.(TCO 5) Electronic wireless technology continues its move toward ubiquity. Such media inculcates which of the following? (Select all that apply.) (Points : 5)
Sweepstakes promotional information
News and sports information
Client information
Company information
Competitor information

Question 4.(TCO 5) You are an independent Internet marketing consultant. You have an excellent track record of assisting small- to medium-sized companies fully realize their marketing potential through an improved and enhanced presence on the Web. Mr. Top Hatt, the owner of a small pet-grooming salon (Hatt’s Cat Grooming Emporium), specializes in the care and grooming of cats and only cats and has just called you. Mr. Hatt has heard of the Internet but doesn’t know much else. He would like for his cat grooming business to grow by using the Internet but doesn’t know what to do. Your recommendations include which of the following? (Select all that apply.) (Points : 5)
Building and improving relationships with customers
Online advertising to get potential customers to the website
Announcing weekly sales promotions so customers will make a purchase
Infomercials provided via video streaming to the Web
Printable discount coupons printed right from the website

Question 5.(TCO 6) Which does a mission statement address? (Select all that apply.) (Points : 5)
A company’s organizational philosophy
A company’s organizational psychology
A company’s organizational efficacy
A company’s organizational phenomenology
A company’s organizational social responsibility

Question 6.(TCO 6) Imagine a world that is populated by 9 billion people. In order to maintain our current quality of life, such a world would require 2.3 planets’ worth of resources. In order to sustain the U.S. way of life, businesses and the government must plan for 30% more people living across the globe. Most of those people will be in developing countries, and the demand will be great for energy, food, and healthcare. Your concern is that you and your production team have been asked by your leadership to create a scorecard to measure your firm’s efforts in sustainability. Your team’s scorecard should necessarily include which? (Select all that apply.) (Points : 5)
Water use
Recyclables
Waste
Greenhouse gases
Information technology

Question 7.(TCO 6) Mining Group Gold is a team process that includes a method for processing and analyzing which? (Select all that apply.) (Points : 5)
Feelings
Facts
Solutions
Falsities
Paradoxes

Question 8.(TCO 7) A cellular or modular layout can accommodate changes in design or customer demand. This includes which? (Select all that apply.) (Points : 5)
Not necessarily a strictly linear approach
Scheduling work operations
Different customers with similar needs
One station in the factory sending completed items to two or more next stations
Processes that are used to produce large quantities of a few types of products

Question 9.(TCO 8) The marketing manager is responsible for choosing how to implement which? (Select all that apply.) (Points : 5)
Product
Place
Promotion
Profit
Price

Question 10.(TCO 9) Technology can provide significant increases in productivity and efficiency. However, less than stable technology-based systems can significantly impact businesses at the most inopportune times. Issues that are inadvertently and unexpectedly created in such instances include which? (Select all that apply.) (Points : 5)
Overly complex software
Loss of client and customer confidence
Decrease in sales revenue
Interruption of shipments
Overly complex networking equipment

Question 11.(TCO 9) Collaboration software allows multiple users to work on the same document at the same time. It also facilitates videoconferencing so that participants can see and hear each other regardless of where they are. The advantage of using such software is which? (Select all that apply.) (Points : 5)
A single location for the information being edited and saved
Multiple copies of the information so backups are not necessary
The software being considered shareware and therefore not copyrighted
The software being considered public domain software and free for the taking
Multiple locations where the information is stored providing quick access

Question 12.(TCO 9) Web 3.0 can be characterized by which of the following statements? (Select all that apply.) (Points : 5)
It is known as the semantic web.
It is known as the virtual world.
It is known as the mobile web.
It is known as the static web.
It is known as the immersive Internet.

Question 13.(TCO 10) The role of information technology has changed since the days when it was known as data processing. You have been hired as the new manager of the IT department for Megalopolis Corporation. Megalopolis Corporation manufactures and sells barbecue grills to the middle-upper end of the market. Demand continues to be strong for all products. However, providing service (both warranty and nonwarranty) continues to be a challenge. In essence, having the right parts at the right place at the right time is not an easy task. Given this information, your set of “must-do-first” priorities includes which? (Select all that apply.) (Points : 5)
Reviewing current operations in the IT department to determine processes that can be made more efficient.
Exploring the possibilities of providing real-time manufacturing and shipping data to the expediters in the factory via handheld wireless devices.
Reviewing the information that is gathered by the customer relations staff that might assist in improving existing customer relationships.
Reviewing the ordering process (both warranty and nonwarranty) to streamline ordering and improve communications with suppliers and customers.
Exploring new markets through an improved online presence of the company.

Question 14.(TCO 10) An accounting system includes which? (Select all that apply.) (Points : 5)
Tax return information
Balance sheet information
Summarization of accounts information
Compliance information
Eleemosynary information

Question 15.(TCO 10) Which of the following financial management functions are a part of financial planning? (Select all that apply.) (Points : 5)
Understanding and allocating operational needs
Establishing a capital budget
Creating a long-term forecast
Establishing a strategic planning vision
Creating a short-term forecast
III.

Question 1.(TCO 1) The latest economic news is not very positive. Unemployment rates are higher than expected, consumer confidence has fallen, and companies are reporting layoffs are in order. The Federal Reserve chairman acknowledges the economy is in a recession. What actions might the federal government and the Federal Reserve take to give the economy a boost? What are these policies called? (Points : 10)

Question 2.(TCO 2) Identify and discuss the social responsibilities of Home Depot to three different stakeholder groups. (Points : 15)

Question 3.(TCO 3) Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response. (Points : 15)

Question 4.(TCO 4) Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur. (Points : 15)

Question 5.(TCO 5) Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or web applications.(Points : 15)

Question 6.(TCO 8) Identify the four Ps of marketing, and give an example how each of the four Ps can be used to market your favorite product or service. (Points : 15)

Question 7.(TCO 7) Given the following companies—Boeing (airliner manufacturer) and Dell Computer (computer manufacturer)—which facility layout would be the most suitable for each? Justify your response. How would each company determine the location of its facilities? List the specific needs and requirements of each company when determining location. (Points : 15)

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2. In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence (A+)

In its first month of operations, Cerretti Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 300 units on hand, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Ceretti uses a periodic inventory system.

(a) The ending inventory under FIFO consists of 300 units at $9 for a total allocation of $2,700.

(b) The ending inventory under LIFO consists of 300 units at $6 for a total allocation of $1,800.

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Presented below is information for Yu Co. for the month of January 2012 (A+)

Presented below is information for Yu Co. for the month of January 2012.

Cost of goods sold $219,550 Rent expense $32,449

Freight-out 7,871 Sales discounts 9,228

Insurance expense 13,017 Sales returns and allowances 18,858

Salary expense 64,030 Sales 377,990

Requirement:

(a) Complete the income statement below. Assume a 25% tax rate.

(b)Calculate the profit margin ratio and the gross profit rate.

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This information relates to Percy Co (A+)

This information relates to Percy Co.

1. On April 5 purchased merchandise from Lyman Company for $29,900, terms 2/10, n/30.

2. On April 6 paid freight costs of $924 on merchandise purchased from Lyman.

3. On April 7 purchased equipment on account for $32,538.

4. On April 8 returned some of April 5 merchandise to Lyman Company which cost $4,100.

5. On April 15 paid the amount due to Lyman Company in full.

Requirement:

(a) Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system.

(b)Assume that Percy Co. paid the balance due to Lyman Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

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Prepare the journal entries to record these transactions on Kesler Company’s books using a periodic inventory system (A+)

Prepare the journal entries to record these transactions on Kesler Company’s books using a periodic inventory system. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

(a) On March 2, Kesler Company purchased $800,000 of merchandise from Rice Company, terms 2/10, n/30.

(b) On March 6 Kesler Company returned $110,000 of the merchandise purchased on March 2.

(c) On March 12 Kesler Company paid the balance due to Rice Company.

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Davenport Corporation reported net sales of $800,000 (A+)

Davenport Corporation reported net sales of $800,000; cost of goods sold of $520,000; operating expenses of $210,000; and net income of $70,000. Calculate each of the following values

1) Profit margin ratio

2) Gross profit rate

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Maxfield Corporation reported net sales of $250,000 (A+)

Maxfield Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $37,500, beginning total assets of $500,000, and ending total assets of $600,000. Calculate each of the following values

1) Profit margin ratio

2) Gross profit rate

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Match where each of these items would appear on a multiple-step income statement (A+)

Match where each of these items would appear on a multiple-step income statement

Sales returns and allowances 1

Depreciation expense 4

Cost of goods sold 3

Gain on sale of equipment 2

Holmes Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $70,000. A count of its ending inventory determined that goods on hand was $50,000. What was its cost of goods sold?

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