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CBE Exam The financial statement that represent the position of a company at a point in time is the correct answer Balance Sheet The financial statement that represents the position of a company over a period of time is the correct answer Income Statement The statement of cash flows is divided into sections of correct answer Operating, Investing, & Financing The footnotes to the financial statements are correct answer an integral part A ________ increases the fixed assets accounts correct answer debit An increase in owner's equity is accomplished by correct answer selling common stock and net income The accounting equation is correct answer assets equal liabilities plus owners' equity The payment of a liability will ______ the liability balance correct answer decrease Users of the financial statements include correct answer creditors, investors, & government The basic financial statements of a company are (is) correct answer balance sheet, income statement, statement of cash flow and stockholders equity Generally Accepted Accounting Principles (GAAP) requires the ______ basis of accounting for financial statements correct answer accrual
The annual report of a publically traded company is filed with the correct answer SEC The financial statements of a publically traded company may be found correct answer within the annual report, on their website, and in documents filed with the SEC The financial statements of a public company are influenced by the correct answer SEC, FASB, and government The equity section of the financial statements include correct answer common stock, additional paid in capital, & retained earnings Accounts receivable are generally presented as a correct answer short term asset The report that communicates GAAP financial statements is correct answer annual report A current liability is one that will be satisfied in correct answer a month, a year, a quarter or less A long term asset is which of the following correct answer factory building All of the following are characteristics of Weberian bureaucracy EXCEPT correct answer Management is the same as the ownership of the organization Tommy believes his employees are responsible, creative, and able to work with minimal direction. He is a: correct answer Theory Y manager 10 + 10 = 25 reflects which of these? correct answer Synergy Elements of TQM include correct answer benchmarking
Which of the following is based on the relationships between effort, performance, and outcomes? correct answer Expectancy theory Larry is looking for ways to increase the number of different tasks that an employee performs without increasing task complexity. He should try correct answer job rotation The adoption of a new idea or behavior by an organization is known as organizational correct answer change Which of the following provides a safe harbor where ideas from employees throughout the company can be developed without interference from company bureaucracy or politics? correct answer An idea incubator Which of the following is a person who sees the need for and fights for productive change in an organization? correct answer An idea champion John has tremendous technical skills and frequently comes up with valuable ideas. However, he has little idea how to promote it within the organization. John is a good example of correct answer An inventor A fund providing resources from which individuals and groups draw to develop new ideas, products or businesses is referred to as a(n) correct answer new-venture fund Which of the following refers to a major shift in the norms, values, attitudes, and mindset of the entire organization? correct answer culture change There are many organizational development activities, which are effective in solving many different problems. _______ enhances the cohesiveness and success of organizational groups. correct answer Team building
_______ schedule materials to arrive at a company just as they are needed on the production line. correct answer Just-in-time inventory system _______ is the ability to influence people toward the attainment of organizational goals correct answer Leadership All of the following are leadership qualities EXCEPT correct answer Structured Which of the following is a model of leadership that describes the relationship between leadership styles and specific organizational situations? correct answer Contingency approach Marion is a great manager and he has a number of special skills. In particular, Marion has the ability to get his subordinates to do more than would be normally expected. Which of the following terms best describes Marion? correct answer Charismatic leader Which of the following is the power coming from a formal management position in the organization? correct answer Legitimate power ______ power is based in the ability of the leader to do such things as recommend promotions. correct answer Reward ______ leader works to fulfill subordinated needs and goals as well as to achieve the organization's larger mission. correct answer Servant Command systems are also known as correct answer communism The division of labor means that: correct answer workers specialize in various production tasks Economics may best be defined as the: correct answer social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity
Myra claims that a Nebraska state statute infringes on her procedural due process rights. This claim focuses on correct answer procedures used in making decision to take life, liberty, or property Guard Personnel Company is charged hiring practices that do not meet requirements set by the Transportation Safety Administration (TSA). The administrative law judge orders Guard to comply with the TSA's regulations. Guard may correct answer appeal to the commission that governs the TSA Kelsey promises to pay Jon, her son, $5,000 if he obtains his degree at Ivy University, where he is currently in his second year. Jon graduates. Kelsey is correct answer required to pay, because Jon obtained a degree at Ivy Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts. Lyra tells Moe that her commission is 6%, but their signed, written contract states "12%." The Statute of Frauds governs correct answer contracts that must be in writing to be enforceable Clyde enters Desert Decathlon, an athlete competition in which Clyde has often competed. Regarding the risk of injury, Clyde assumes the risks correct answer normally associated with the Decathlon Eva owns Fast-Rate Salvage, a demolition company. A demolition by a Fast-Rate crew injures Glen, a passerby. Under the theory of strict liability, Eva must pay for Glen's injury correct answer whether or not the Fast-Rate crew was at fault Sullivan and Taylor want to form a corporation to provide catering services. The first step in the incorporation procedure is to correct answer Select a state in which to incorporate Richard is an employee of Stealth Security Company. Stealth discharges Richard for refusing to infiltrate a competitor's organization to learn its trade Secrets. With respect to the employment-at-will doctrine, this is correct answer an exception based on public policy
Development Associates (DA) agrees to buy five acres of land from Eastside Properties for $15,000. Eastside fails to go through with the deal on the agreed date, when the market price of the land is $17,000. DA may recover correct answer $ Fresh Harvest, Inc., agrees to sell to Gina's Bed & Breakfast Inn a certain amount of locally grown produce each week but no mention is made of where the goods are to be delivered. In general, the UCC requires that the delivery take place at correct answer Fresh Harvest's place of business Emery is an agent for Downtown Market Corporation. Emery makes an innocent misrepresentation when entering into a contract on behalf of Downtown Market with Cool Fruits, Inc. Cool Fruits correct answer May rescind the contract Fix-It Repair Shop does not take any action to prevent sexual harassment of its employees. Fix-It Repair may be liable for such harassment by correct answer a customer or co-worker Region Construction Company has a right to drive its trucks across Stable Business, Inc.'s property, which is adjacent to Region's office. This right is correct answer An easement Which of the following will decrease the future value of a lump sum investment made today assuming that all interest is reinvested? Assume the interest rate is a positive value. I. Increase in the interest rate II. Decrease in the lump sum amount III. Increase in the investment time period IV. Decrease in the investment time period correct answer II and IV only Sue needs to invest $3,626 today in order for her savings account to be worth $5,000 six years from now. Which one of the following terms refers to the $3,626? correct answer Present Value Which one of the following has the highest effective annual rate? correct answer 6% compounded monthly
Which one of the following statements related to the income statement is correct? correct answer Net income is distributed either to dividends or retained earnings The financial statement that summarizes a firm's accounting value as of a particular date is called the: correct answer Balance sheet Net working capital is defined as: correct answer Current assets minus current liabilities A business is concerned with many day-to-day activities. Some of the most important of these activities are the planning and development of a product, its pricing policy, and the distribution strategy. These activities are all a part of: correct answer marketing A written document that acts as a guidebook of marketing activities for the marketing manager is known as the _____. correct answer marketing plan Which of the following statements describes ethics? correct answer Ethics are the moral principles or values that generally govern the conduct of an individual, the standard of behavior by which conduct is judged, morals are a foundation for ethical behavior, and ethical values are situation specific and time oriented. Colorific recently began competing with Crayola coloring products. At the beginning of the school year, the _____ for Colorific products consists of back-to-school shoppers. correct answer target market Many people fear world trade because it: correct answer causes some people to lose their jobs as production shifts abroad Apple Inc. has partnerships with wireless carriers in Japan, Spain and a handful of other European countries. Apple Inc. works with suppliers and retailers worldwide. This means that Apple is a ______. correct answer multinational corporation
A business thinking of expanding into global markets needs to examine all of the following external environments EXCEPT: correct answer its marketing mix The steps of the consumer decision-making process in order are: correct answer Need recognition, information search, evaluation of alternatives, purchase, and post purchase evaluation _______ is the marketing of goods and services to individuals and organizations for purposes other than personal consumption. correct answer Business marketing ______ is the process of dividing a market into meaningful groups that are relatively similar and identifiable. correct answer market segmentation Product mix width may be defined as: correct answer the number of different product lines an organization offers for sale Which of the following intermediaries sell mainly to consumers? correct answer retailers ______ is defined as all activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use or consumption. correct answer Retailing Price is best described as: correct answer that which is given up in exchange to acquire a good or service The strength of the beliefs underlying ethical universalism is that correct answer It draws upon the collective views of multiple societies and cultures to put some clear boundaries on what constitutes ethical business behavior and what constitutes unethical business behavior no matter what country market or culture a company or its personnel are operating in A belief in ethical relativism leads to the conclusion that correct answer Whether the use of underage labor and the payment of bribes/kickbacks should be deemed ethical or unethical
The Asian economic block, made up of Indonesia, Malaysia, the Philippines, Singapore, Brunei, Thailand, Cambodia, Myanmar and Vietnam is referred to as: correct answer Association of Southeast Asian Nations (ASEAN) Home-country nationals are frequently called ______, which refers to those who live and work away from their home country. correct answer Expatriates The four major trading blocks of the world are: correct answer European Union, United States, China and Japan _______ is the United States' largest trading partner, a position it has held for many years. correct answer Canada Due to the highly-developed economies of these countries, they are known collectively as the "Four Tigers:" correct answer Singapore, Taiwan, South Korea, Hong Kong Many multinational corporations prescribe _____ as the common language for international communication. correct answer English
