PART 11. Fred takes Betty to dinner at a very expensive and excl.docx

PART 1
1. Fred takes Betty to dinner at a very expensive and exclusive
restaurant. The menu does not mention prices. The server takes
their order, and both Betty and Fred enjoyed the meal
immensely. When the bill comes, Fred refuses to pay because
the menu had no prices and because he and the server never
engaged in language indicating an offer and acceptance. The
server said, “Are you ready to order?” and when Fred said
“Yes,” the server merely asked, “What may I get you tonight?”
Fred must pay based on a promissory estoppel theory.
Fred must pay based on expressed contract theory.
Fred is correct because no contract was formed.
Fred must pay based on an implied-in-fact contract theory.
2. The DeBeers company is a profit-maximizing monopolist that
exercises monopoly power in the distribution of diamonds. If
the company earns positive economic profits this year, the price
of diamonds will:
Be equal to the average total cost of diamonds.
Exceed the marginal cost of diamonds but equal to the average
total cost of diamonds.
Be equal to the marginal cost of diamonds.
Exceed both the marginal cost and the average total cost of
diamonds
3. Jay stops at the shopping mall to purchase a new pair of jeans
from the Diesel store. He is the ultimate consumer in a pipeline
from the producer through intermediaries, including the
clothing store. This pipeline is actually a__________.
marketing tunnel
consumer market
marketing channel
distribution matrix
4. A monopoly firm is different from a perfectly competitive
firm in that:
A monopolist’s demand curve is perfectly inelastic whereas a

perfectly competitive firm’s demand curve is perfectly elastic.
A monopolist can influence market price whereas a perfectly
competitive firm cannot.
A competitive firm has a u-shaped average cost curve whereas a
monopolist does not.
There are many substitutes for a monopolist’s product whereas
there are no substitutes for a competitive firm’s product.
5. A 911 emergency response service needs operators who are
bilingual in English and Spanish. A few applicants of Spanish
origin are rejected due to poor English-speaking skills. They
file a complaint on the grounds of discrimination based on
nationality. Their complaint is squashed. Here, the defense of
the federal government is on the grounds of:
Circumstantial evidence
Inculpatory evidence
Exclusionary rule
Bona fide occupational qualifications
6. In order to focus your presentation on people, you
should______.
avoid using presentation software or other technology
use a lot of “I” statements
make individuals and groups the subject of your sentences
include as many photographs as possible in your slides
7. Which of the following is typically included in the drafting
stage of writing an effective business message?
Setting a positive and other-oriented tone
Sending the message to be proofread
Double-checking everything
Identifying the primary message and key points
8. Marketing refers to__________.
the activity for creating, communicating, delivering, and
exchanging offerings that benefit its customers, the
organization, its stakeholders, and society at large
the process of identifying target market segments for a product
or service
the activity involved in getting a product or service from the

manufacturer to ultimate consumers and organizational buyers
the production of products or services that will generate the
highest return on investment
9. Lori is using secondary research to develop a business report.
How can she write her report in a way that demonstrates
originality in thought?
Cite all her research sources
Use the most current documentation guidelines
Generate her own conclusions and recommendations
Adopt a methodical approach to decision making
10. Annie, an employee who often attributes her team failures to
bad luck, attributes other teams’ failures to personal
shortcomings. Which of the following cognitive biases do
Annie’s attributions exemplify?
Self-deception bias
Belief bias
In-group bias
Hindsight bias
11. When does the straw man fallacy occur?
When a person tries to disprove a claim based on its source.
When a person falsifies or overstates an adversary’s position.
When a person considers only 2 alternatives even when other
options are available.
When a decision maker dismisses an alternative that fails to
solve the issue completely.
12. Which of the following types of unemployment is
considered to be the most controllable through demand-side
macroeconomic policy?
Cyclical unemployment
Natural unemployment
Structural unemployment
Frictional unemployment
13. Microeconomics and macroeconomics are:
Interrelated because both are often taught by the same
instructors
Interrelated because what happens in the economy as a whole is

based on individual decisions
Virtually identical, though one is much more difficult than the
other
Not related because they are taught separately
14. Article 6 of the Treaty on European Union called the
Maastricht Treaty states the EU is “founded” on:
specific performance
stare decisis
private markets
rule of law
15. Which of the following is the path through
which contractionary monetary policy works?
Money down implies interest rate up implies investment up
implies income down
Money down implies interest rate up implies investment down
implies income down
Money down implies interest rate down implies investment
down implies income down
Money down implies interest rate down implies investment up
implies income down
16. The depreciation of currency will:
improve a country’s comparative advantage.
worsen a country’s comparative advantage.
balance a trade surplus.
have no impact on a country’s comparative advantage.
17. Marketing research refers to__________.
The use of information technology to find objective solutions to
a marketing problem
the process of systematically collecting and analyzing
information in order to define a marketing problem
the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and
recommending actions
the science of using observable human behavior in order to
identify and solve marketing problems
18. _____ is the process of converting meaning into messages

composed of words and nonverbal signals.
Translating
Decoding
Encoding
Filtering
19. If a population is known to be normally distributed, what
can be said of the sample distribution of the sample mean drawn
from this population?
For a sample size n < 30, the sampling distribution of the
sample mean is normally distributed.
For a sample size n > 30, the sampling distribution of the
For any sample size n, the sampling distribution of the sample
mean is normally distributed.
For a sample size n < 50, the sampling distribution of the
20. Sam, a marketing manager, often makes ethical decisions
based on what others feel about those decisions. He often
considers opinions from other managers and employees. Which
of the following ethical systems do Sam’s decisions follow?
Consequentialism
Utilitarianism
Relativism
Egoism
21. Federal law and business leaders alike favor ____________
as a means of governing private business ethics.
Self-regulation by companies
Establishment of federal regulators in all private companies to
establish and enforce ethical standards.
Giving the federal government exclusive jurisdiction regarding
ethics and ethics violation enforcement.
Creating uniform statutes of business ethics.
22. Which of the following statements is true of the WARN
Act?
It requires employers to give notice to an “at will” employee
that he/she is being fired.

It requires employers to give notice of a scheduled mass layoff.
It requires employers to give notice to employees that they are
being subjected to polygraph tests.
It requires employers to give notice to employees that an
unscheduled drug test will be conducted for all employees.
23. According to the Ajzen model, the strongest predictor of an
employee’s behavior is/are__________.
social norms
the employee’s values
the employee’s attitudes
the employee’s intentions
24. The interdisciplinary field dedicated to understanding and
managing people at work is called:
management dynamics
management theory
organizational behavior
organizational dynamics
25. Regarding using personality testing as part of the hiring
process, experts have concluded that: There are many valid
instruments available to managers to test for personality types.
Only the Big Five should be used as predictors of job
performance.
The typical personality test is not a valid predictor of job
performance.
The effects of personality on job performance are so large it
cannot be ignored by managers.
26. In the context of developing persuasive messages, which of
the following is most likely to help you demonstrate a voice of
competence?
focusing only on logical appeals
using only emotional appeals in your persuasive messages
developing strong ideas in the interest of your audience
adopting the tone of mass advertising such as over-the-top
appeals
27. Identify an example of spontaneous creativity.
Settling a disagreement quickly in a simple way.

Modifying the strategies and procedures of a group.
Establishing win-win relationships with other people.
Organizing annual meetings and get-togethers innovatively.
28. Alex is playing his music at full volume in his dorm room.
The other people living on his floor found this to be a nuisance,
but Alex doesn’t care. Alex’s music playing is an example of:
positive externality
normative externality
negative externality
Pareto externality
29. Which of the following is useful advice on conducting
business across cultures with those who have limited English
ability?
Speak at your normal, regular pace instead of speaking slowly
as this may be viewed as disrespectful.
Determine a person’s level of communication proficiency within
the first few moments of your interactions with them.
Use slang and jargon instead of literal language as much as
possible.
Allow those with limited English ability enough time to process
their thoughts into English.
30. Joyce finds that the members of the project team to which
she has been assignment in her management class are all
athletes on the college’s football and basketball teams. She
immediately considers dropping the class because she thinks her
experience with that team will be negative. Joyce is likely
reacting to a__________.
semantic memory
negativity bias
stereotype
self-serving bias
31. The distinction between flexible and fixed individual
differences__________.
is that managers should hire people based on their attitudes and
emotions
is that managers have little or no impact on fixed differences

has no practical value for managers
is that managers have little or no impact on flexible differences
32. Advertising, personal selling, sales promotion, public
relations, and direct marketing are marketing communications
alternatives that make up a firm’s __________.
promotional mix
communication source
marketing mix
media strategy
33. When two regression models applied on the same data set
have the same response variable but a different number of
explanatory variables, the model that would evidently provide
the better fit is the one with a__________.
higher coefficient of determination and a lower adjusted
coefficient of determination
lower standard error of the estimate and a higher adjusted
coefficient of determination
higher standard of error of the estimate and a higher coefficient
of determination
lower standard error of the estimate and a higher coefficient of
determination
34. Suppose farmers can use their land to grown either wheat or
corn. The law of supply predicts that an increase in the market
price of wheat will cause:
farmers to lower the production of corn and wheat.
farmers to substitute wheat for the production of corn.
farmers to substitute corn for the production of wheat.
farmers to raise the production of corn and wheat.
35. Under the regulations of interstate commerce:
Activities affecting interstate commerce do not come under the
power of the deferral government.
Intrastate activities affecting interstate commerce can be
regulated only by the state governments.
Regulation on any activity is appropriate if it aids interstate
commerce.
The states have the exclusive power to commerce that passes

that passes across their lines.
36. What is the main drawback to the Negotiation & Agreement
strategy for overcoming resistance to change?
ineffective
too expensive if others decide to also negotiation for
compliance
leads to future problems if people feel manipulated
time-consuming
37. Your résumé should tell a story of______.
everything you have learned and done in your previous job
the value you can provide to a company
Your educational accomplishments
how you plan to improve your areas of weakness
38. A receptive developmental network is__________
made up of weak ties to multiple developers from a variety of
social systems
made up of numerous strong ties to developers from one social
system
made up of strong ties to several developers from four different
social systems
made up of a few weak ties from one social system
39. According to the Classical growth model, an economy that
increases its saving will grow:
Quickly since the increase in saving will permit more rapid
technological progress.
Slowly because interest rates will fall, causing investment to
decline.
Slowly because consumption and aggregate demand will be
reduced.
Quickly since the increase in saving will permit greater
investment.
40. What is true of the features used to judge a person’s
credibility?
Mannerisms and age are two valid features that can be used to
judge a person’s credibility.
Well-educated individuals can be highly relied upon as guides

to ethical values.
Ethnicity, gender, and accent are inapt characteristics for
judging credibility.
Individuals can accurately determine a person’s credibility
based on physical characteristics.
41. Identify the statement that accurately describes the
Sarbanes-Oxley Act.
It requires business to have only company insiders as board
directors.
Unlike other Acts, its violations do not result in fines or
prosecutions.
Complying with the act saves time and money, but deteriorates
efficiency.
It was passed to promote business ethics by creating legal
requirements.
42. Frequent, abusive, threatening phone calls by creditors are
most likely to provoke the basis for a claim of _____________.
misrepresentation
malicious representation
intentional infliction of emotional distress
false imprisonment and malicious prosecution
43. In order to summarize qualitative data, a useful tool is
a____________.
scattergram
stem-and-leaf diagram
frequency distribution
histogram
44. The product life cycle refers to __________.
a concept that describes the stages a product goes through in the
marketplace — introduction, growth, maturity, and decline
the average life span of a product
a concept that describes the stages a product goes through in the
marketplace—early growth, accelerated development, maturity,
and decline
a concept that describes the stages a new product goes through

from product concept to commercialization
45. The study of similarities and differences among consumers
in two or more nations or societies is referred to as
__________.
cross-cultural analysis
international sociographics
market synthesis
transnational anthropology
46. Other things held constant in a competitive labor market, if
workers negotiate a contract in which the employer agrees to
pay an hourly wage of $17.85 while the market equilibrium hour
rate is $16.50, the:
Quantity of workers supplied will exceed the quantity of
workers demanded.
Quantity of workers demanded will exceed the quantity of
workers supplied.
Supply of labor will decrease until the equilibrium wage rate is
$17.85.
Demand for labor will increase until the equilibrium wage rate
is $17.85.
47. In which of the following situations is a budget surplus most
likely to occur?
When fiscal policy is expansionary and the economy is
contracting
When fiscal policy is contractionary and the economy is
expanding
When fiscal policy is expansionary
When the economy is contracting
48. How many parameters are needed to fully describe any
normal distribution?
1
3
2
4
restaurant. The menu does not mention prices. The server takes

their order, and both Betty and Fred
Which of the following can be represented by a discrete random
variable?
the circumference of a randomly generated circle
The number of defective lightbulbs in a sample of five
The average distance achieved in a series of long jumps
The time of a flight between Chicago and New York
50. Suppose that college tuition is higher this year than last and
that more students are enrolled in college this year than last
year. Based on this information, we can best conclude that:
despite the increase in price, quantity demanded rose due to
some other factors changing.
this situation has nothing to do with the law of demand.
the demand for a college education is positively sloped.
the law of demand is invalid.
51. In order to summarize qualitative data a useful tool is
a____________.
scattergram
stem-and-leaf diagram
frequency distribution
histogram
PART 2
1. Sampling is used heavily in manufacturing and service
settings to ensure high-quality products. In which of the
following areas would sampling be inappropriate?
Custom cabinet making
Computer assembly
Technical support by phone
Cell phone manufacturing
2. The preparation of adjusting entries is:
needed to ensure that the expense recognition principle is
followed.
straightforward because the accounts that need adjustment will
be out of balance
optional when financial statements are prepared.

only required for accounts that do not have a normal balance.
3. What is an advantage of the correlation coefficient over the
covariance?
It falls between -1 and 1.
It is a unit-free measure, therefore making it easier to interpret.
It falls between -1 and 1; and it is a unit free measure, therefore
making it easier to interpret.
It falls between 0 and 1.
4. Interest may be included in the acquisition cost of a plant
asset:
during the construction period of a self-constructed asset.
if the asset acquisition is financed by a long-term note payable.
if the asset is purchased on credit.
if it is a part of a lump-sum purchase.
5. Which trial balance will consist of the greatest number of
accounts?
Balance
Adjusted trial balance
Trial balance
Post-closing trial balance
6. Expenditures that maintain the operating efficiency and
expected productive life of a plant asset are generally:
capitalized as a part of the cost of the asset.
not recorded until they become material in amount.
expensed when incurred.
debited to the Accumulated Depreciation account.
7. A SWOT analysis is a framework for analyzing a firm’s
environments. A SWOT is made up of
Internal environmental analysis of threats and weaknesses.
External analysis of strengths and opportunities.
Internal threats and weakness and external strengths and
opportunities.
Internal strengths and weaknesses; external threats and
opportunities.
8. GAAP, compared to IFRS, tends to be more:
simple in disclosure requirements

simple in accounting requirements
principles-based
rules-based
9. Firms must be aware of goals other than short-term profit
maximization. One area of concern should be social
responsibility which is:
the idea that organizations are solely responsible to local
citizens
the idea that businesses are responsible to maintain a healthy
social climate for their employees
the expectation that business will strive to improve the overall
welfare of society
the fact that court costs could impact the financial bottom line
10. Which of the following can be represented by a continuous
random variable?
The number of typos found on a randomly selected page of this
test bank
The number of students who will get financial assistance in a
group of 50 randomly selected students
The number of customers who visit a department store between
10:00 a.m. and 11:00 a.m. on Mondays
The average temperature in Tampa, Florida, during the month of
July
11. According to value-chain analysis, which of the following
would be considered part of the general administration in a
firm?
procurement
technology development
information systems
human resource management
12. Which of the following can be represented by a discrete
random variable?
The number of defective light bulbs in a sample of five
The average distance achieved in a series of long jumps
The circumference of a randomly generated circle
The time of a flight between Chicago and New York

13. Sarbanes Oxley applies to:
U.S and international companies.
international companies but not U.S. companies.
U.S. and Canadian companies but not other international
companies.
U.S companies but not international companies.
14. Vertical analysis is a technique that expresses each item in a
financial statement:
as a percent of the item in the previous year.
starting with the highest value down to the lowest value.
in dollars and cents.
as a percent of a base amount.
15. The owner of a company has recently decided to raise the
salary of one employee, who was already making the highest
salary, by 20%. Which of the following is(are) expected to be
affected by this raise?
Mean, median, and mode
Median only
Mean and median only
Mean only
16. Which of the following meets the requirements of a simple
random sample?
A population contains 10 members under the age of 25 and 20
members over the age of 25. The sample will include six people
chosen at random, without regard to age.
members over the age of 25. The sample will include two people
chosen at random under the age of 25 and four people chosen at
random over 25.
members over the age of 25. The sample will include six people
who volunteer for the sample.
members over the age of 25. The sample will include six males
chosen at random, without regard to age.
17. The acquisition of treasury stock by a corporation:

decreases its total assets and total stockholders’ equity.
requires that a gain or loss be recognized on the income
statement.
increases its total assets and total stockholders’ equity.
has no effect on total assets and total stockholders’ equity.
18. Under the accrual basis of accounting:
the ledger accounts must be adjusted to reflect a cash basis of
accounting before financial statements are prepared under
generally accepted accounting principles.
cash must be received before revenue is recognized.
events that change a company’s financial statements are
recognized in the period they occur rather than in the period in
which cash is paid or received.
net income is calculated by matching cash outflows against cash
inflows.
19. The acquisition of treasury stock by a corporation:
has no effect on total assets and total stockholders’ equity.
decreases its total assets and total stockholders’ equity.
increases its total assets and total stockholders’ equity.
requires that a gain or loss be recognized on the income
statement.
20. In multiple regression, plot the residuals against ____ to
detect changing variability.
Collinear variables
All explanatory variables
The response variable
The predicted values
21. The resource-based view (RBV) of the firm combines two
perspectives:
the interrelationships among the primary activities of the firm
and corporate management
the industry and the competitive environment
the internal analysis of the firm and the external analysis of the
industry and competitive environment
the primary and support activities of the firm
22. Cost allocation of an intangible asset is referred to as:

accretion
capitalization
depreciation
amortization
23. The fraud triangle applies to:
U.S. and Canadian companies, but not other international
companies.
U.S companies but not international companies.
international companies but not U.S. companies.
U.S and international companies.
24. On March 1st, Candy, Inc. had supplies on hand of $1,500.
During the month, Candy purchased supplies of $2,900 and used
supplies of $2,800. The March 31st balance sheet should report
what balance in their supplies account?
$1,600
$1,500
$2,900
$2,800
25. Shaw Industries, a giant carpet manufacturer, increases its
control over raw materials by producing much of its own
polypropylene fiber, a key input to its manufacturing process.
This is an example of _______________.
using related diversification to achieve value by integrating
vertically in order to acquire market power
using related diversification to achieve value by pooling
negotiating power to achieve market power
using related diversification to achieve value by leveraging core
competencies to achieve economies of scope
vertically in order to attain economies of scope
26. Assume that the Fitzgerald Corporation uses the indirect
method to depict cash flows. Indicate where, if at all, accounts
receivable collected would be classified on the statement of
cash flows.
Does not represent a cash flow.
Financing activities section.

Investing activities section.
Operating activities section.
27. __________involves ensuring proper strategic controls and
organizational designs.
Strategy implementation
Business-level strategy
Corporate-level strategy
Corporate governance
28. The manager of Weiser is given a bonus based on net
income before taxes. The net income after taxes is $35,700 for
FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus
rate is 20%. How much higher is the manager’s bonus if FIFO is
adopted instead of LIFO?
$9,000
$1,800
$6,300
$12,600
29. Which of the following controls would best help detect the
removal of a blank check by an employee from the back of a
company’s checkbook for subsequent misappropriation of
funds?
Tracing any debit memorandums from the bank to the
company’s records
A review of the cash budget
An accounting policies manual
The use of pre-numbered checks
30. Which of the following is not a current liability on
December 31, 2014?
A Note Payable due December 31, 2015
A lawsuit judgment to be decided on January 10, 2015
An Accounts Payable due January 31, 2015
Accrued salaries payable from 2014
31. When collection is made on Accounts Receivable,
Stockholders equity will increase.
total assets will remain the same.
total assets will decrease.

total assets will increase.
32. Which financial statement would best indicate whether the
company relies on debt or stockholders’ equity to finance its
assets?
Retained earnings statement
Statement of cash flows
Income statement
Balance sheet
33. Is it possible for a data set to have no mode?
No, if the data set is nonempty, there is always a mode
No, unless there is an odd number of observations
Yes, if there are no observations that occur more than once
Yes, if two observations occur twice
34. An analyst believes the probability that U.S. stock returns
exceed long-term corporate bond returns over a 5-year period is
based on personal assessment. This type of probability is best
characterized as a(n) ____________.
Empirical probability
A priori probability
Objectivity probability
Subjective probability
35. Continuous monitoring in the contemporary approach, is
beneficial because _____________.
organization response time is increased
it increases the time it takes to detect changes in the
competitive environment
It reduces time lags
organizational flexibility is reduced
36. WellPoint Health Network states: WellPoint will redefine
our industry: through a new generation of consumer-friendly
products that put individuals back in control of their future.
This is an example of a:
Strategic objective
Line manger’s individual goal
Vague statement of direction
Vision statement

37. A post-closing trial balance will show:
zero balances for all accounts
only income statement accounts
only balance sheet accounts
zero balances for balance sheet accounts
38. Which of the following requirements about internal controls
were enacted under the Sarbanes Oxley Act:
Independent outside auditors must eliminate redundant internal
controls.
Companies must develop sound internal controls over financial
reporting.
Companies must assess the functionality of internal controls
only when a violation occurs.
Internal auditors replace independent outside auditors when
evaluating the level of internal control.
39. Which of these statements regarding the industry life cycle
is correct?
Part of the power of the market life cycle is its ability to serve
as a short-run forecasting device.
It points out the need to maintain a differentiation advantage
and a low cost advantage simultaneously.
It has important implications for company generic strategies,
functional areas, value-creating activities, and overall
objectives.
Trends suggested by the market life cycle model are generally
not reversible or repeatable.
40. International Financial Reporting Standards (IFRS):
implies that receivables with different characteristics should be
reported separately.
implies that receivables with different characteristics should be
reported as one un-segregated amount.
requires that receivables with different characteristics should be
reported separately.
requires that receivables with different characteristics should be
reported as one un-segregated amount.
41. In a simple linear regression model, if the plots on a scatter

diagram lie on a straight line, what is the standard error of the
estimate?
Infinity
0
-1
+1
42. Shaw Industries, a giant carpet manufacturer, increases its
control over raw materials by producing much of its own
polypropylene fiber, a key input to its manufacturing process.
This is an example of _______________.
vertically in order to attain economies of scope
using related diversification to achieve value by pooling
negotiating power to achieve market power
vertically in order to acquire market power
using related diversification to achieve value by leveraging core
competencies to achieve economies of scope
43. The four key attributes of strategic management include the
idea that:
Strategy must be focused on long-term objectives.
Strategy must be focused on one specific area of an
organization.
Strategy must be directed toward overall organizational goals
and objectives.
Strategy must be focused on competitor strengths.
44. If a corporation issued $8,000,000 in bonds which pay 5%
annual interest, what is the annual net cash cost of this
borrowing if the income tax rate is 30%?
$120,000
$280,000
$400,000
$4,000,000
45. Green, Inc. had 200,000 shares of common stock
outstanding before a stock split occurred and 800,000 shares
outstanding after the stock split. The stock split was:

1-for-8
4-for-1
8-for-1
2-for-8
46. You work in marketing for a company that produces work
boots. Quality control has sent you a memo detailing the length
of time before the boots wear out under heavy use. They find
that the boots wear out in an average of 208 days, but the exact
amount of time varies, following a normal distribution with a
standard deviation of 14 days. For an upcoming ad campaign,
you need to know the percent of the pairs that last longer than
six months-that is, 180 days. Use the empirical rule to
approximate this percent.
95%
97.5%
5%
2.5%
47. What is a difference between merchandising companies and
service enterprises?
Cost of goods sold is an expense for service enterprises but not
for merchandising companies.
The operations in merchandising companies and service
enterprises are identical.
Merchandising companies must prepare multiple-step income
statements and service enterprises must prepare single-step
income statements.
Merchandising companies generally have a longer operating
cycle than service enterprises.
48. For both qualitative and quantitative data, what is the
difference between the relative frequency and the percent
frequency?
The percent frequency equals the relative frequency multiplied
by 100
As opposed to the percent frequency, the relative frequency is
divided by the number of observations the data set.
The relative frequency equals the percent frequency multiplied

by 100.
by 100
49. According to the text the triple bottom line approach to
corporate accounting includes three components:
financial, organizational, and customer
financial, environmental, and customer
financial, organizational, and psychological
financial, environmental, and social
50. As opposed to the relative frequency, the percent frequency
is divided by the number of observations in the data set.
Trumpeting Trumpets has the following inventory data:
July 1: Beginning inventory 30 units at $120
July 5: Purchases 180 units at $112
July 14: Sale 120 units
July 21: Purchases 90 units at $115
July 30: Sale 84 units
Assuming that a periodic inventory system is used, what is the
cost of goods sold on a FIFO basis?
$10,992
$23,118
$11,022
$23,088
(90 × $115) + [(120 + 84 − 90) × $112] = $23,118
51. For both qualitative and quantitative data what is the
difference between the relative frequency and the percent
frequency?
by 100
As opposed to the percent frequency, the relative frequency is
divided by the number of observations the data set.
The relative frequency equals the percent frequency multiplied
by 100.
by 100

PART 1
restaurant. The menu does not mention prices. The server take
s their order, and both Betty and Fred
enjoyed the meal immensely. When the bill comes, Fred refuses
to pay because the menu
had no prices and because he and the server never engaged in
language
indicating an offer and acceptance. The server said, “Are you
ready to order?” and when Fred said “Yes,” the server merely as
ked, “What may I get you tonight?”
Fred must pay based on a
promissory estoppel theory.
Fred must pay based on expressed contract theory.
Fred is correct because no contract was formed.
Fred must pay based on an implied
-
in
-
fact contract theory.
2. The DeBeers company is a profit
-
maximizing monopolist that exercises
monopoly power in the distribution of diamonds. If the company
earns positive economic
profits this year, the price of diamonds will:

Be equal to the average total cost of diamonds.
Exceed the marginal cost of diamonds but equal to the average
total cost
of diamonds.
Be equal to the marginal cost of diamonds.
Exceed both the marginal cost and the average total cost of
diamonds
3. Jay stops at the shopping mall to purchase a new pair of jeans
from the Diesel store.
He is the ultimate consumer in a pipeline
from the producer through
intermediaries, including the clothing store.
This pipeline is actually a__________.
marketing tunnel
consumer market
marketing channel
distribution matrix
4. A monopoly firm is different from a perfectly competitive
firm in tha
t:
A monopolist’s demand curve is perfectly inelastic whereas a
perfectly competitive firm’s demand curve is perfectly elastic.

A monopolist can influence market price whereas a perfectly
competitive firm cannot.
A competitive firm has a u
-
shaped average c
ost curve whereas a monopolist does not.
There are many substitutes for a monopolist’s product whereas
there are no substitutes for a competitive firm’s product.
5. A 911 emergency response service needs operators who are
bilingual in English and Spanish.
A few applicants of Spanish origin are rejected due to poor
English
-
speaking skills. They file a complaint on the grounds of
discrimination based on nationality. Their complaint is
squashed. He
re, the defense of the federal government is
on the grounds of:
Circumstantial evidence
Inculpatory evidence
Exclusionary rule
Bona fide occupational qualifications
6. In order to focus your presentation on people, you
should______.
avoid using presentation software or other technology

use a lot of “I” statements
mak
e individuals and groups the subject of your sentences
include as many photographs as possible in your slides
7. Which of the following is typically included in the drafting
stage of writing an effective business message?
Setting a positive and other
-
orien
ted tone
Sending the message to be proofread
Double
-
checking everything
Identifying the primary message and key points
8. Marketing refers to__________.
the activity for creating, communicating, delivering, and
exchanging offerings that benefit its custome
rs, the organization, its stakeholders, and society at large
the process of identifying target market segments for a product
or service
the activity involved in getting a product or service from the
manufacturer to ultimate consumers and organizational buy
ers

the production of products or services that will generate the
highest return on investment
9. Lori is using secondary research to develop a business report.
How can she write her report in a way that demonstrates ori
ginality in thought?
Cite all her r
esearch sources
Use the most current documentation guidelines
Generate her own conclusions and recommendations
Adopt a methodical approach to decision making
10. Annie, an employee who often attributes her team failures to
bad luck, attributes other teams’
failures to personal shortcomings. Which of the following
cognitive
biases do Annie’s attributions exemplify?
Self
-
deception bias
Belief bias
In
-
group bias
Hindsight bias

11. When does the straw man fallacy occur?
When a person tries to disprove a claim b
ased on its source.
When a person falsifies or overstates an adversary’s position.
When a person considers only 2 alternatives even when other
options are available.
When a decision maker dismisses an alternative that fails to
solve the issue completely.
1
2. Which of the following types of unemployment is considered
to be the most controllable through demand
-
side macroeconomic policy?
Cyclical unemployment
Natural unemployment
Structural unemployment
Frictional unemployment
13. Microeconomics and macroecono
mics are:
Interrelated because both are often taught by the same
instructors
Interrelated because what happens in the economy as a whole is
based on individual decisions

Virtually identical, though one is much more difficult than the
other
Not related beca
use they are taught separately
14. Article 6 of the Treaty on European Union called the
Maastricht Treaty states the EU is “founded” on:
specific performance
stare decisis
private markets
rule of law

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