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FIN 575 Week 5 Project Cost Assignment

FIN 575 Week 5 Project Cost Assignment

 

 For this assignment, choose from the following options:

  • Option 1: Project Cost Presentation
  • Option 2: Project Cost Video

Read the instructions in Project Cost Assignment Options and select one option to complete the assignment.

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This article covers the topic for the University of Phoenix FIN 575 Week 5 Project Cost Assignment . The author is working in the field of education from last 5 years. This article covers the questions & answers of  FIN 575 Complete Course from University of Phoenix. Other topics in the class are as follows:

 

FIN 575 Final Exam (Latest Version)

FIN 575 Week 2 Individual Assignment Project Plan Outline

FIN 575 Week 3 Individual Assignment Project Proposal

FIN 575 Week 4 Learning Team Assignment Financial Ratio Analysis Paper

FIN 575 Week 5 Individual Assignment Project Cost Assignment

FIN 575 Week 6 Learning Team Assignment Project Plan Overview

 

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FIN 575 Week 6 Project Plan Overview

FIN 575 Week 6 Project Plan Overview

 Read the Case Study: Pontrelli Recycling, Inc. in Ch. 7 of the Project Management and Accountingtext

Prepare no more than a 2,800-word Project Plan Overview of the Pontrelli case. Assume the high level cost estimate for the project is $8.8 million.

The focus of this assignment is to develop a plan to finance the $8.8M Pontrelli project.

Include the following:

  • What are the strengths and weaknesses of debt and equity financing? Discuss possible sources of debt financing. Propose a strategy for Pontrelli to obtain project financing. Your submission must include one financing proposal that will be a mixture of debt and equity financing, and you must also include an alternative project financing proposal that can be used if the financial decision maker(s) were to not accept your first proposal.
  • Compare and contrast EVA and MVA.
  • Define WACC. How is WACC calculated? What are its strengths and weaknesses? Why is understanding WACC important?
  • Calculate project viability, using the profitability index.
  • Propose an alternate capital structure for Pontrelli. (This will be used if the financial decision maker rejects your first proposal.)
  • Develop an alternate project budget. (This will be used if the financial decision maker rejects your first proposal.) What are the constraints?
  • Create an alternate plan to manage the project budget. (This will be used if the financial decision maker rejects your first proposal.) Using Exhibit 7.8 as a template.

 

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 About Author:

This article covers the topic for the University of Phoenix FIN 575 Week 6 Learning Project Plan Overview. The author is working in the field of education from last 5 years. This article covers the questions & answers of  FIN 575 Complete Course from University of Phoenix. Other topics in the class are as follows:

FIN 575 Final Exam (Latest Version)

FIN 575 Week 2 Individual Assignment Project Plan Outline

FIN 575 Week 3 Individual Assignment Project Proposal

FIN 575 Week 4 Learning Team Assignment Financial Ratio Analysis Paper

FIN 575 Week 5 Individual Assignment Project Cost Assignment

FIN 575 Week 6 Learning Team Assignment Project Plan Overview

 

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ACC 497 Final Exams 100 Questions with Answers

ACC 497 Final Exam - Assignment

 

BUSINESS ENVIRONMENT AND CONCEPTS

Section 1: Business Structure

1. The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is

  • The Model Business Corporation Act
  • The Uniform Commercial Code
  • The Revised Model Business Commercial Code
  • The Standard Incorporation Act

2. Which of the following statements is true?

  • The exchange of stock for services rendered is not a taxable transaction.
  • The repeal of Sec. 351 would result in more existing businesses being incorporated.
  • Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences.
  • Section 351 is an example of a negative aspect of the corporate form of business organization.

3. Which of the following statements is true?

  • Formation of a partnership requires legal documentation.
  • An individual engaged in the active conduct of a business must elect not to be taxed as a partnership.
  • If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes.
  • The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity.

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BUSINESS ENVIRONMENT AND CONCEPTS

Section 2: Economic Concepts Essential to Obtaining an Understanding of an Entity’s Business and Industry

4. What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant?

  • An increase in both production and employment
  • A decrease in both production and employment
  • An increase in production but a decrease in employment
  • A decrease in production, but an increase in employment

5. A table that shows the relationship between the price of a good and the quantity demanded of that good is called

  • a price-quantity table
  • a complementary table
  • a demand schedule
  • an equilibrium schedule

6. If policymakers increase aggregate demand, the price level

  • falls, but unemployment rises
  • and unemployment fall
  • and unemployment rise
  • rises, but unemployment falls

 

BUSINESS ENVIRONMENT AND CONCEPTS

Section 3: Financial Management

7. Which table would show the largest factor for an interest rate of 8% for five periods?

  • Future value of an ordinary annuity of 1
  • Present value of an ordinary annuity of 1
  • Future value of an annuity due of 1
  • Present value of an annuity due of 1

8. Financial service

  • is concerned with the duties of the financial manager
  • involves the design and delivery of advice and financial products
  • provides guidelines for the efficient operation of the business
  • handles accounting activities related to data processing

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9. As the interest rate increases for any given period, the future value interest factor will

  • decrease
  • increase
  • remain unchanged
  • move toward 1

10. The specific cost of each source of long-term financing is based on ________ and ________ costs.

  • before-tax; historical
  • after-tax; historical
  • before-tax; book value
  • after-tax; current

11. At the operating break-even point, ________ equals zero.

  • sales revenue
  • fixed operating costs
  • variable operating costs
  • earnings before interest and taxes

 

BUSINESS ENVIRONMENT AND CONCEPTS

Section 4: Information Technology (IT) Implications in the Business Environment

12. Justifying expenditures for new technologies is especially difficult because

  • you do not know how many jobs will be affected
  • expenses are often recurring and are difficult to estimate
  • many benefits are intangible and are not easily known or measured
  • justifying a new technology is no different from any other capital budgeting problem

13. The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called

  • helper equipment
  • peripheral equipment
  • secondary equipment
  • accessory equipment

14. Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes

  • communication software
  • CAD software
  • enterprise resource planning (ERP) software
  • programming software

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15. A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems implementation project

  • an E-R diagram
  • a PERT chart
  • a Gantt chart
  • a Data flow diagram

16. What would be the best explanation for the absence of complete information on computer crime?

  • Abuse is handled as an internal matter
  • Hesitant disclosure of abuse due to embarrassment
  • Documentation of abuses hasn’t caught up with actual abuses
  • Most computer crime is not caught

 

BUSINESS ENVIRONMENT AND CONCEPTS

Section 5: Planning and Measurement

17. Which of the following processes would be accounted for using a job order cost system?

  • Milk pasteurization
  • Town home production
  • Textbook production
  • Canned spinach production

18. In traditional costing systems, overhead is generally applied based on

  • direct labor
  • machine hours
  • direct material dollars
  • units of production

19. If standard costs are incorporated into the accounting system

  • it may simplify the costing of inventories and reduce clerical costs
  • it can eliminate the need for the budgeting process
  • the accounting system will produce information which is less relevant than the historical cost accounting system
  • approval of the stockholders is required

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FINANCIAL ACCOUNTING AND REPORTING

Section 1: Concepts and standards for financial statements

20. Generally accepted accounting principles are

  • income tax regulations of the Internal Revenue Service.
  • standards that indicate how to report economic events.
  • theories that are based on physical laws of the universe.
  • principles that have been proven correct by academic researchers.

21. Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?

  • An increase to finished goods
  • A decrease to applied overhead
  • A decrease to work in process inventory
  • An increase to cost of goods sold

22. The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision,

  • incremental revenues are $2 per unit
  • incremental costs are $1 per unit
  • net relevant costs are $1 per unit
  • differential costs are $2 per unit

23. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

  • $18,000
  • $28,000
  • $12,000
  • $6,000

 

FINANCIAL ACCOUNTING AND REPORTING

Section 2: Typical items in financial statements

24. Kershaw Bookstore had 600 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows:

Date                Purchases       Sales

Jan. 14                        450                 @$28

17                    300                 @$20

25                    300                 @$22

29                    300                @$32

Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:

  • $1,200.
  • $8,100.
  • $9,300.
  • $9,600.

25. The process of formally recording or incorporating an item in the financial statements of an entity is

  • allocation
  • articulation
  • realization
  • recognition

26. The primary purpose of the statement of cash flows is to provide information

  • about the operating, investing, and financing activities of an entity during a period.
  • that is useful in assessing cash flow prospects.
  • about the cash receipts and cash payments of an entity during a period.
  • about the entity’s ability to meet its obligations, its ability to pay dividends, and its needs for external financing.

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27. Which of the following is considered cash?

  • Travel Advances
  • Money market checking accounts
  • Money market savings certificates
  • Postdated checks

28. A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. Assuming there is no beginning liability balance, what is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31?

  • $600,000; $600,000
  • $600,000; $390,000
  • $390,000; $390,000
  • $210,000; $390,000

29. Which of the following is a debt security?

  • Convertible bonds
  • Certificate of deposit
  • Loans receivable
  • US treasury bill

30. The balance in Newsprint Corp.’s foreign exchange loss account was $10,000 on December 31, 2008, before any necessary year-end adjustment relating to the following:

(1) Newsprint had a $15,000 debit resulting from the restatement in dollars of the accounts of its wholly owned foreign subsidiary for the year ended December 31, 2008.

(2) Newsprint had an account payable to an unrelated foreign supplier, payable in the supplier’s local currency unit (LCU) on January 15, 2009. The U.S. dollar–equivalent of the payable was $50,000 on the December 1, 2008, invoice date and $53,000 on December 31, 2008.

In Newsprint’s 2008 consolidated income statement, what amount should be included as foreign exchange loss in computing net income, if the LCU is the functional currency and the translation method is appropriate?

  • $28,000
  • $13,000
  • $25,000
  • $8,000

 

FINANCIAL ACCOUNTING AND REPORTING

Section 3: Specific types of transactions and events

31. Costs incurred internally to create intangibles are

  • capitalized.
  • capitalized if they have an indefinite life.
  • expensed as incurred.
  • expensed only if they have a limited life.

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32. The amount to be recorded as the cost of an asset under capital lease is equal to the

  • present value of the minimum lease payments.
  • present value of the minimum lease payments or the fair value of the asset, whichever is lower.
  • present value of the minimum lease payments plus the present value of any unguaranteed residual value.
  • carrying value of the asset on the lessor’s books.

33. In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are

  • weighted by the number of days outstanding.
  • weighted by the number of months outstanding.
  • considered outstanding at the beginning of the year.
  • considered outstanding at the beginning of the earliest year reported.

34. Debt securities that are accounted for at amortized cost, NOT fair value, are

  • held-to-maturity debt securities.
  • trading debt securities.
  • available-for-sale debt securities.
  • never-sell debt securities.

35. Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the inventory on December 31, 2008, and determines that its market value (replacement cost) is $82,000 at that time. Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75% of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for 2008?

  • $15,000
  • $14,000
  • $12,000
  • $13,000

 

FINANCIAL ACCOUNTING AND REPORTING

Section 4: Accounting and reporting for governmental entities

36. Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity?

  • Accountability
  • Budgetary compliance
  • Interperiod equity
  • Service efforts and accomplishments

37. Expenditures should be budgeted by character. An example of a character classification is

  • current expenditures.
  • salaries
  • public safety.
  • police department.

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38. Which of the following funds is accounted for on the modified accrual basis of accounting?

  • General
  • Internal service
  • Proprietary
  • Pension trust

39. Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would Durham City recognize related to these bonds?

  • Difference between the present value of the bonds at the beginning of the period and the present value of the bonds at the end of the period
  • Face amounts of bonds times 6%
  • Book value of bonds times 6%
  • The present value of the bonds at the beginning of the period minus the present value of the bonds at the end of the period multiplied by 6%

40. As used in governmental accounting, interperiod equity refers to a concept of

  • providing the same level of services to citizens each year.
  • measuring whether current revenues are sufficient to pay for current services.
  • levying property taxes at the same rate each year.
  • requiring that general fund budgets be balanced each year.

41. The state has a legally separate State Building Authority, which has a board appointed by the Governor. The authority issues debt in its name, holds title to buildings in its name, and leases its building exclusively to the state. The authority would be considered a(n)

  • primary government.
  • component unit.
  • related organization.
  • affiliated organization.

 

FINANCIAL ACCOUNTING AND REPORTING

Section 5: Accounting and reporting for nongovernmental and not-for-profit organizations

42. Revenues of a not-for-profit organization should be reported as

  • increases in one of the three categories of net assets.
  • increases in unrestricted net assets.
  • increases in temporarily restricted net assets.
  • increases in permanently restricted net assets.

43. Financial statements for a church-supported college should be prepared according to standards set by the

  • American Institute of Certified Public Accountants (AICPA).
  • Financial Accounting Standards Board (FASB).
  • Government Accounting Standards Board (GASB).
  • Securities and Exchange Commission (SEC).

44. For a not-for-profit hospital, which of the following financial statements is required?

  • Statement of financial position
  • Statement of revenues
  • Statement of retained earnings
  • Statement of functional expenses

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REGULATION

Section 1: Ethics and Professional and Legal Responsibilities

45. What agency has the ultimate authority in defining independence for publicly traded companies?

  • AICPA
  • SEC
  • Department of Justice
  • Congress

46. A report on internal control effectiveness by management of public companies is required by which of the following:

  • The Sarbanes-Oxley Act of 2002
  • The PCAOB
  • The AICPA
  • Only auditors are required to report on internal control effectiveness

47. Once sufficient predication has been established, what is the first step a fraud examiner following the fraud theory approach should take?

  • Create a hypothesis.
  • Analyze data.
  • Interview witnesses.
  • Interview the suspect.

48. Which of the following best describes the objective of a fraud examination?

  • Make recommendations to management about how to prevent fraud.
  • Determine whether financial statements are free of misstatements because of fraud.
  • Express an opinion on the guilt or innocence of a suspect.
  • Determine whether a crime has been committed, and if so, who is responsible.

 

REGULATION

Section 2: Business Law

49. Damages intended to punish a defendant and deter the defendant and others from engaging in the same tortious conduct in the future are called

  • penalty damages.
  • retribution damages.
  • punitive damages.
  • nominal damages.

50. Where a contract calls for action that violates a statute, in a breach of contract case the court will

  • impose the appropriate criminal penalty.
  • ignore the contract and leave the parties where they are.
  • order both parties to return any consideration received.
  • order payments so that the parties to the illegal contract share any losses equally.

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51. Ted’s Gifts and Sweets enters into a written contract with Bannon Candies to supply Ted’s with 60 boxes containing a dozen coconut clusters each month for sale to the public. The agreement contained an integration clause. Before the first delivery under the contract, Ted and his warehouse manager called Debbie, the Bannon’s account representative, to request that the candies be delivered in special Valentine’s Day boxes. Debbie told Ted, “Don’t worry, I’ll tell the shipping department to take care of that.” When the candies were delivered, they were in standard cardboard boxes. Ted called Bannon and threatened to sue for breach of contract. Will Ted prevail in his suit?

  • Yes, Ted made a valid modification to the parties’ original agreement.
  • No, Ted should have written a letter to change the type of boxes in the contract.
  • Yes, Ted will prevail because he has a witness to the telephone call.
  • No, Ted will not prevail because his attempt to modify the agreement was not effective.

52. Jane and Bill are married. They purchase a house and lot as tenants by the entirety. Then Jane is killed in a car accident. Her will leaves everything to her sister, Ruth. What will happen to Jane’s interest in the property?

  • Ruth will own the property with Bill as tenants by the entirety.
  • Ruth will own the property with Bill as joint tenants.
  • Bill will be the sole owner of the property.
  • Bill will have to buy out Ruth’s interest in the property.

53. Which of the following is a correct statement of the requirements for a bona fide occupational qualification?

  • Job related and cost effective
  • Job related and nondiscriminatory
  • Job related and a business necessity
  • Rationally based and evenly applied

54. Which of the following statements accurately describes the workers’ compensation rules?

  • The employer can avoid liability if the injured employee was contributory negligent.
  • The employer is liable for employment-related injuries only if negligent.
  • The employee will collect for all work-related injuries and will not need to prove negligence on the part of the employer.
  • The employee has the choice to sue or proceed under the workers’ compensation statute.

 

REGULATION

Section 3: Federal Tax Procedures and Accounting Issues

55. When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies?

  • The investor should always use the equity method to account for its investment.
  • The investor should use the equity method to account for its investment unless circumstances indicate that it is unable to exercise significant influence over the investee.
  • The investor must use the fair-value method unless it can clearly demonstrate the ability to exercise significant influence over the investee.
  • The investor should always use the fair-value method to account for its investment.

56. On December 31, 2008, Kean Company changed its method of accounting for inventory from weighted-average cost method to the FIFO method. This change caused the 2008 beginning inventory to increase by $420,000. The cumulative effect of this accounting change to be reported for the year ended December 31, 2008, assuming a 40% tax rate, is

  • $420,000.
  • $252,000.
  • $168,000.
  • $0.

57. Which of the following serves as the highest authority for tax research, planning, and compliance activities?

  • Internal Revenue Code
  • Income Tax Regulations
  • Revenue rulings
  • Revenue procedure

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58. The retail inventory method is based on the assumption that the

  • final inventory and the total of goods available for sale contain the same proportion of high-cost and low-cost ratio goods.
  • ratio of gross margin to sales is approximately the same each period.
  • ratio of cost to retail changes at a constant rate.
  • proportions of markups and markdowns to selling price are the same.

59. When an item of expense is paid and recorded in advance, it is normally called

  • a prepaid expense.
  • an accrued expense.
  • an estimated expense.
  • a cash expense.

 

REGULATION

Section 4: Federal Taxation of Property Transactions

60. Antonio owns land held for investment with a basis of $28,000. The city of Lafayette exercises the right of eminent domain and Antonio receives a payment of $48,000. What is Antonio’s realized gain?

  • $0
  • $20,000
  • $28,000
  • $48,000

61. In April 2009 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma elects out of bonus depreciation and does not expense the asset under Sec. 179. Emma’s depreciation on the machine this year is

  • $5,000.
  • $7,145.
  • $10,000.
  • $50,000.

62. During the current year, a corporation sells equipment for $300,000 that it had purchased and placed in service in 2007. The equipment cost $270,000, and $60,000 of depreciation deductions was allowed. The results of the sale are

  • ordinary income of $90,000.
  • 1231 gain of $90,000.
  • ordinary income of $60,000 and LTCG of $30,000.
  • ordinary income of $60,000 and Sec. 1231 gain of $30,000.

63. Susie owns a ranch in Wyoming, which Pat offers to purchase. Susie is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana. The complex is available for sale. Pat purchases the apartment complex in Louisiana from Jody and transfers it to Susie in exchange for Susie’s ranch. The ranch and the complex each have a $1,000,000 fair market value. Which of the following is true?

  • The transaction qualifies as a like-kind exchange for Pat but not for Susie.
  • The transaction qualifies as a like-kind exchange for both Pat and Susie.
  • The transaction qualifies as a like-kind exchange for Susie but not for Pat.
  • The transaction does not qualify as a like-kind exchange for either Pat or Susie.

 

REGULATION

Section 5: Federal Taxation – Individuals

64. A married person who files a separate return can claim a personal exemption for his or her spouse if the spouse is not the dependent of another and has

  • gross income that is less than the personal exemption.
  • adjusted gross income that is less than the personal exemption.
  • no gross income.
  • no taxable income.

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65. Ricky has rented a house from Sarah since last year. The rent is usually $800 per month, but Sarah reduced the monthly rent down to $600 for all 12 months this year in exchange for Ricky constructing an addition to the house. The addition has a fair market value of $3,500. How much total rental income must Sarah report this year?

  • $7,200
  • $9,600
  • $10,700
  • $14,200

66. Alex is a calendar-year sole proprietor. He began business on December 1 of this year. He uses the accrual method of accounting. Alex had the following collections in the same month: He collected $7,000 in December from clients who paid cash for services to be performed next year. He collected $5,000 in December for services performed during December, which he deposited in an operating account on December 31 of this year. He collected $9,000 in December on accounts receivable for services performed in December, which he deposited in an operating account on January 2 of next year. What is the amount Alex must include in his income for December?

  • $7,000
  • $12,000
  • $14,000
  • $21,000

67. Bianca is beneficiary of an $80,000 insurance policy on her father’s life. Upon his death, she may elect to receive the proceeds in 5 yearly installments of $17,500 or may take the $80,000 lump sum. She elects to take the lump sum payment. What are the tax consequences in year one?

  • All $17,500 each year is taxable.
  • $7,500 interest is taxable in the first year.
  • There is no taxable income.
  • $1,500 of the $17,500 payment is taxable each year.

68. Nonrefundable tax credits

  • only offset a taxpayer’s tax liability.
  • may only be used if the taxpayer is receiving a refund.
  • have expired but may be reinstated with new tax legislation.
  • allow the excess over the taxpayer’s tax liability to be paid to the taxpayer.

69. Paul makes the following property transfers in the current year: $22,000 cash to his wife, $34,000 cash to a qualified charity, $120,000 house to his son, and $3,000 computer to an unrelated friend. The total of Paul’s taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax, is

  • $107,000.
  • $123,000.
  • $145,000.
  • $179,000.

 

REGULATION

Section 6: Federal Taxation-Entities

70. Which of the following best describes the weight of a revenue ruling?

  • Revenue rulings carry more weight than regulations.
  • Revenue rulings carry more weight than federal court decisions.
  • Regulations carry more weight than revenue rulings.
  • Revenue rulings should never be used as authority because they only apply to the taxpayer requesting the ruling.

71. Which of the following statements is true?

  • A corporation’s fiscal year generally ends on the last day of the month.
  • A fiscal year may end on December 31.
  • A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year.
  • A corporation’s first tax year must cover a full 12-month period.

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72. One consequence of a property distribution by a corporation to a shareholder is

  • the amount of the distribution is increased by any liability assumed by the shareholder.
  • the holding period of the distributed property includes the holding period of the distributing corporation.
  • the shareholder’s basis in the distributed property is the same as the distributing corporation’s basis.
  • any liabilities assumed by the shareholder do not reduce the shareholder’s basis.

73. Joshua owns 100% of Steeler Corporation’s stock. Joshua’s basis in the stock is $8,000. Steeler Corporation has E&P of $40,000. If Steeler Corporation redeems 60% of Joshua’s stock for $50,000, Joshua must report dividend income of

  • $0.
  • $8,000.
  • $40,000.
  • $50,000.

74. In computing the ordinary income of a partnership, a deduction is allowed for

  • net Sec. 1231 losses
  • bad debts
  • foreign income taxes paid
  • charitable contributions

75. Which of the following would terminate a Subchapter S election?

  • Estate becomes a shareholder.
  • Grantor trust becomes a shareholder.
  • Voting trust becomes a shareholder.
  • Partnership becomes a shareholder.

 

AUDITING AND ATTESTATION

Section 1: Plan the Engagement, Evaluate the Prospective Client and Engagement, Decide Whether to Accept or Continue the Client and the Engagement, and Enter into an Agreement with the Client

76. The function of auditing is

  • to locate every financial error
  • to provide interested parties with added assurance that the financials are not materially inaccurate
  • to provide more precise accounting information for accurate tax reporting
  • to locate every dollar misappropriated

77. Auditing is based on the assumption that financial data are verifiable. Data are verifiable when two or more qualified individuals,

  • working together, prove, beyond doubt, the data’s accuracy
  • working independently, reach similar conclusions
  • working independently, prove, beyond doubt, the data’s truthfulness
  • working together, agree on the data’s accuracy

78. Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services?

  • Auditing, accounting, and review services
  • Auditing, tax, and review services
  • Accounting, tax, and review services
  • Auditing, accounting, and tax services

79. Internal auditors are primarily involved with

  • compliance audits
  • operational audits
  • compliance audits and operational audits
  • financial statement audits

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80. The statement that the reviewer “is not aware of any material modifications that should be made to the statements in order for them to be in conformity with GAAP” is known as

  • reasonable assurance
  • negligent performance
  • negative assurance
  • necessary ignorance

81. The assessment of inherent risk requires considering matters that have a pervasive effect on assertions for all or many accounts and matters that may pertain only to assertions for specific accounts. Which of the following is an example of a pervasive effects matter?

  • Complexity of calculations
  • Management turnover, reputation, and accounting skills
  • Susceptibility to misappropriation
  • Sensitivity of operating results to economic factors

 

AUDITING AND ATTESTATION

Section 2: Consider Internal Control in Both Manual and Computerized Environments

82. Specific audit objectives are normally

  • the same as the categories of management’s financial statement assertions
  • developed for each item in the financial statements and derived from the categories of management’s financial statement assertions
  • management’s assertion of fairness.
  • broken down into eight types.

83. The Committee of Sponsoring Organizations (COSO) report identified five interrelated components of internal control. Since then, a sixth category has been identified, which is

  • monitoring
  • risk assessment
  • information and communication
  • antifraud programs and controls

84. Which of the following necessary controls would address a potential misstatement arising from a voucher being paid twice?

  • Periodic independent bank reconciliations
  • Electronic cancellation of vouchers and supporting information when a check is issued
  • Separate duties for approving payment vouchers and signing checks
  • A computer comparing the sum of checks issued with the entry to cash disbursements

85. An effective accounting system should identify and record only the valid transaction of the entity that occurred in the current period, which relates to the

  • rights and obligations assertion
  • presentation and disclosure assertion
  • valuation or allocation assertion
  • existence or occurrence assertion

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AUDITING AND ATTESTATION

Section 3: Obtain and Document Information to Form a Basis for Conclusions

86. One of the six steps involved in performing analytical procedures includes the following:

  • Understand the role of analytical procedures in planning and performing the audit.
  • Understand the relationship between materiality and audit evidence.
  • Analyze data and identify significant differences.
  • Perform the calculations using industry data.

87. In a normal audit, the relationship between the level of materiality used to plan the engagement and the level of materiality used to evaluate evidence is that

  • they must be identical
  • the former may be higher or lower than the latter
  • the former is higher than the latter
  • the former is lower than the latter

88. Use of auditor judgment or of a risk matrix is necessary in revising planned detection risk whenever

  • risk assessments are not quantified
  • assessed control risk at the account balance level does not support the planned level of control risk
  • control risk is assessed above the minimum
  • control risk is assessed below the maximum

89. In the audit risk model, audit sampling applies to

  • detection risk
  • inherent risk and control risk
  • control risk and detection risk
  • inherent risk and detection risk

90. Audit sampling is involved whenever an auditor

  • examines 100% of the population
  • makes an inference about a population characteristic based on a partial examination of that population
  • performs tests of controls
  • performs tests of details

91. How can long-term assets best be tested for ownership?

  • Examining documents of title
  • Reviewing the ledger to ensure the item is listed
  • Inquiring with management
  • Reviewing prior year workpapers

92. How can long-term assets best be tested for current present value?

  • Reviewing the depreciation schedule for accuracy and completeness
  • Physically examining the assets and appraising the assets
  • Applying time value of money analysis
  • Performing an analytical review

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AUDITING AND ATTESTATION

Section 4: Review the Engagement to Provide Reasonable Assurance That Objectives Are Achieved and Evaluate Information Obtained to Reach and to Document Engagement Conclusions

93. Because of the effects of circulation, some audit evidence is more reliable than other evidence. Which of the following is generally considered to be most reliable?

  • Purchase requisitions
  • Suppliers’ invoices
  • Receipted bank deposit slips
  • Cutoff bank statements

94. Which of the following accounts in a merchandising company is affected by both the revenue cycle and another cycle?

  • Sales
  • Sales returns and allowances
  • Inventory
  • Accounts receivable

95. The auditor’s strategy in performing test counts during the inventory observation is to

  • concentrate tests on high-dollar items and take a representative sample of other items
  • test all high dollar items
  • randomly select all test items
  • concentrate tests in areas where employees seem to be disregarding the inventory instructions

96. Which one of the following analytical procedures may indicate possible inventory obsolescence problems when ratios are large?

  • Inventory turnover
  • Finished goods produced to raw material used
  • Inventory growth to cost of sales growth
  • Finished goods produced to direct labor

97. The control of all funds during the count of cash on hand is meant primarily to prevent

  • transfers by the client
  • any chance of double counting
  • unauthorized disbursements
  • client personnel from viewing the count procedure

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AUDITING AND ATTESTATION

Section 5: Prepare Communications to Satisfy Engagement Objectives

98. Whether the entity maintains effective controls to provide reasonable assurance that private customer information obtained because of e-commerce is protected is defined as

  • transaction integrity
  • information protection
  • risk assessment
  • performance measurement

99. A lawyer’s refusal to respond to a letter of audit inquiry normally requires the auditor to

  • issue a qualified opinion or a disclaimer of opinion
  • issue an unqualified opinion with an explanatory paragraph
  • issue a qualified or adverse opinion
  • issue a standard three-paragraph unqualified opinion

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100. Which of the following is a tort?

  • Breach of contract
  • A wrongful act that does not injure another person’s property, body, or reputation
  • Gross negligence
  • Unintentional error where appropriate degree of care was exercised and no one was injured

 

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QNT 561 Week 2 Weekly Learning Assessments

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Chapter 5 Exercise 4  

A large company must hire a new president. The Board of Directors prepares a list of five candidates, all of whom are equally qualified. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate, the company decides to select the president by lottery.

  1. What is the probability one of the minority candidates is hired? (Round your answer to 1 decimal place.)
  2. Which concept of probability did you use to make this estimate?

 

Chapter 5 Exercise 14

The chair of the board of directors says, “There is a 50% chance this company will earn a profit, a 30% chance it will break even, and a 20% chance it will lose money next quarter.”

  1. Use an addition rule to find the probability the company will not lose money next quarter. (Round your answer to 2 decimal places.)
  2. Use the complement rule to find the probability it will not lose money next quarter. (Round your answer to 2 decimal places.)

 

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Chapter 5 Exercise 22

A National Park Service survey of visitors to the Rocky Mountain region revealed that 50% visit Yellowstone Park, 40% visit the Tetons, and 35% visit both.

  1. What is the probability a vacationer will visit at least one of these attractions? (Round your answer to 2 decimal places.)
  2. What is the probability .35 called?
  3. Are the events mutually exclusive?

 

Chapter 5 Exercise 34

P(A1) = .20, P(A2) = .40, and P(A3) = .40.  P(B1|A1) = .25. P(B1|A2) = .05, and P(B1|A3) = .10.

Use Bayes’ theorem to determine P(A3|B1). (Round your answer to 4 decimal places.)

 

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Chapter 5 Exercise 40

Solve the following:

  1. 20! 17!
  2. 9P3
  3. 7C2

 

Chapter 6 Exercise 4

Which of these variables are discrete and which are continuous random variables?

  1. The number of new accounts established by a salesperson in a year.
  2. The time between customer arrivals to a bank ATM.
  3. The number of customers in Big Nick’s barber shop.
  4. The amount of fuel in your car’s gas tank.
  5. The number of minorities on a jury.
  6. The outside temperature today.

 

Chapter 6 Exercise 14

The U.S. Postal Service reports 95% of first-class mail within the same city is delivered within 2 days of the time of mailing. Six letters are randomly sent to different locations.

a. What is the probability that all six arrive within 2 days? (Round your answer to 4 decimal places.)

b. What is the probability that exactly five arrive within 2 days? (Round your answer to 4 decimal places.)

c. Find the mean number of letters that will arrive within 2 days. (Round your answer to 1 decimal place.)

d-1. Compute the variance of the number that will arrive within 2 days. (Round your answer to 3 decimal places.)

d-2. Compute the standard deviation of the number that will arrive within 2 days. (Round your answer to 4 decimal places.)

 

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Chapter 6 Exercise 20

In a binomial distribution, n = 12 and π = .60.

  1. Find the probability for x = 5? (Round your answer to 3 decimal places.)
  2. Find the probability for x ≤ 5? (Round your answer to 3 decimal places.)
  3. Find the probability for x ≥ 6? (Round your answer to 3 decimal places.)

 

Chapter 6 Exercise 26

A population consists of 15 items, 10 of which are acceptable.

In a sample of four items, what is the probability that exactly three are acceptable? Assume the samples are drawn without replacement. (Round your answer to 4 decimal places.)

 

Chapter 7 Exercise 4

According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.

  1. What is the mean amount spent on insurance?
  2. What is the standard deviation of the amount spent? (Round your answer to 2 decimal places.)
  3. If we select a family at random, what is the probability they spend less than $2,000 per year on insurance per year? (Round your answer to 4 decimal places.)
  4. What is the probability a family spends more than $3,000 per year? (Round your answer to 4 decimal places.)

 

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Chapter 7 Exercise 10

The mean of a normal probability distribution is 60; the standard deviation is 5. (Round your answers to 2 decimal places.)

  1. About what percent of the observations lie between 55 and 65?
  2. About what percent of the observations lie between 50 and 70?
  3. About what percent of the observations lie between 45 and 75?

 

Chapter 7 Exercise 14

A normal population has a mean of 12.2 and a standard deviation of 2.5.

  1. Compute the z value associated with 14.3. (Round your answer to 2 decimal places.)
  2. What proportion of the population is between 12.2 and 14.3? (Round your answer to 4 decimal places.)
  3. What proportion of the population is less than 10.0? (Round your answer to 4 decimal places.)

 

Chapter 7 Exercise 18

A normal population has a mean of 80.0 and a standard deviation of 14.0.

  1. Compute the probability of a value between 75.0 and 90.0. (Round intermediate calculations to 2 decimal places. Round final answer to 4 decimal places.)
  2. Compute the probability of a value of 75.0 or less. (Round intermediate calculations to 2 decimal places. Round final answer to 4 decimal places.)
  3. Compute the probability of a value between 55.0 and 70.0. (Round intermediate calculations to 2 decimal places. Round final answer to 4 decimal places.)

 

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Chapter 7 Exercise 28

For the most recent year available, the mean annual cost to attend a private university in the United States was $26,889. Assume the distribution of annual costs follows the normal probability distribution and the standard deviation is $4,500.

Ninety-five percent of all students at private universities pay less than what amount? (Round z value to 2 decimal places and your final answer to the nearest whole number.)

 

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LDR 531 FINAL EXAM Answers

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1. Job dissatisfaction and antagonistic relationships with coworkers predict a variety of behaviors organizations find undesirable, including unionization attempts, substance abuse, undue socializing, and tardiness. These behaviors are indicators of a broader syndrome called  

  • Positivity offset.
  • Employee withdrawal.
  • Cognitive dissonance.
  • Rotten apple syndrome.

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2. Organizational momentum ________________.   

  • is not promoted by stability within the organization
  • can benefit or inhibit an organization
  • is always an advantage in seeking organizational change
  • increases with the implementation of new programs 

3. Some studies indicate the best approach for transformational change may have the chief executive officer create an atmosphere for change

  • And establish a reward system.
  • But carefully set limits for the program.
  • But let others decide how to initiate change.
  • And begin establishing a vision.

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4. Which of the following actions best represents Kelly’s high job involvement?      

  • Kelly wants to continue working for the organization because many of her college friends are working there.
  • Kelly actively takes part in team activities and proactively takes up additional job responsibilities.
  • Kelly always complains about her work to her colleagues.
  • Kelly shares the organization’s vision of supporting renewable energy. 

5. The concept that some leadership attributes will work in some situations but not in others can be described by the          

  • Contingency theory.
  • Tactical theory.
  • Leadership effectiveness theory.
  • Behavioral theory.

6. You manage a department of four employees. You have identified that Joe has a high need for achievement. Mary has a high need for power, and Tim has a high need for affiliation. Sarah scored high on the need for power and low on the need for affiliation.

Which of these four employees is most suitable for handling your responsibilities when you are on vacation?

  • Mary
  • Tim
  • Joe
  • Sarah

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7. In order to make their firm a learning organization, managers should           

  • Increase the degree of departmentalization.
  • Reinforce interdependence and reduce boundaries.
  • Avoid the use of cross-functional teams.
  • Penalize mistakes. 

8. Which of the following statements is true with regard to the effectiveness of tactics?     

  • Individuals from collectivist cultures are typically more likely to use soft tactics that reflect personal power.
  • The combination of a soft tactic with reasonable persuasion is more effective than a combination of two hard tactics.
  • All tactics are equally effective with regard to upward influence. The combination of a soft tactic with reasonable persuasion is more effective than a combination of two hard tactics.
  • Soft tactics are less effective than hard tactics when used individually.

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9. Central to managing a successful organizational strategy implementation are/is  

  • Tracking progress.
  • Formal models of implementation.
  • Coalition management.
  • Competitive teams. 

10. Which of the following is the first step in the negotiation process? 

  • Preparation and planning
  • Bargaining and problem solving
  • Definition of ground rules
  • Clarification and justification

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11. ________ occurs when people within organizations use whatever influence they can to taint the facts to support their goals and interests.     

  • Politicking
  • Sabotage
  • Illegitimate political behavior
  • Legitimate political behavior 

12. The ultimate source of an organization’s culture is        

  • Its top management.
  • Its environment.
  • The country in which the organization operates.
  • Its founders. 

13. Which of the following statements is most likely to be true about differences between men and women in relation to emotional reactions?    

  • Women express anger more frequently than men.
  • Men experience emotions more intensely than women.
  • Women tend to hold onto emotions longer than men.
  • Men display positive emotions more frequently than women. 

14. Which of the following is a desirable strategy for managers aiming to reduce the negative consequences of rumors?         

  • Refusing to comment on issues that appear to be controversial and unfair
  • Encouraging employees to communicate their concerns and suggestions
  • Creating a more informal communication environment at the workplace
  • Initiating disciplinary action against the employee who started the rumor 

15. Adoration of a charismatic leader by followers can lead to      

  • Limiting suggestions of fixes and improvements.
  • A competitive work environment.
  • Difficulty in developing a successor.
  • Greater understanding of the company mission.

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16. A leadership theory that describes leadership functions applicable to some situations but not others is called      

  • Descriptive.
  • Universal.
  • Contingency.
  • Prescriptive. 

17. Dortix is a manufacturing company. At the end of every quarter, the total production of each department is calculated, compared with the predetermined targets, and the rewards for each set of divisional employees is determined this way. Dortix uses a ________ plan to incentivize its employees. 

  • gainsharing
  • modular
  • profit-sharing
  • core-plus 

18. The degree to which a turbulent environment impacts operations within an organization is known as     

  • Capacity.
  • Complexity.
  • Volatility.
  • Organic. 

19. Determining if a strategy will be effective within its respective business environment and still be competitive could be determined by completing a(n) ________ test.     

  • advantage
  • feasibility
  • consonance
  • consistency

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20. According to the job characteristics model, autonomy is defined as the degree to which          

  • A job requires completion of a whole and identifiable piece of work.
  • A job has an impact on the lives or work of other people.
  • A job provides the worker freedom, independence, and discretion.
  • A job generates direct and clear information about performance. 

21. Which of the following represents the acceptable standards of behavior within a group that are shared by the group’s members?        

  • Cliques
  • Status
  • Norms
  • Goals 

22. During an annual review, Michel Godfrey made the following assertion: “When I look at myself and my performance, I see that what I have achieved is outstanding and something no one in the organization has the capacity to undertake. Surprisingly, it has not won me the admiration of my colleagues like it should have. I also believe that I do not just deserve a raise, but need one, since without me, let’s face it, the place would simply fall apart.” Which of the following personality traits best describes Michel’s personality?  

  • Minimalism
  • Stoicism
  • Narcissism
  • Monasticism

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23. Which of the following dimensions of the Big Five Model indicates a person’s ability to withstand stress? 

  • Emotional stability
  • Agreeableness
  • Openness to experience
  • Extroversion 

24. The best leadership theories to describe and explain effective leadership in teams with interactive members are    

  • Group theories.
  • Dyadic theories.
  • Multi-level theories.
  • Integrated theories. 

25. Which of the following is true of the baby boomer generation?        

  • They are more questioning and entrepreneurial than the other generations.
  • They lead lives shaped mainly by globalization.
  • They give high importance to achievement and material success.
  • They give the highest importance to flexibility and life options.

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26. Low-context cultures primarily rely on ________ in communicating with others.

  • formal titles
  • status differences
  • spoken and written words
  • situational cues 

27. Pragmatic leaders      

  • Appeal to emotions.
  • Articulate a vision of confidence.
  • Have expertise and commitment.
  • Appeal to shared values. 

28. ________ refers to an individual’s belief that he or she is capable of performing a task.           

  • Self-determination
  • Emotional contagion
  • Self-efficacy
  • Affect intensity

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29. Which of the following statements is true regarding a matrix structure?   

  • It avoids duplication of activities.
  • It reduces ambiguity about who reports to whom.
  • It cannot achieve economies of scale.
  • It breaks the unity-of-command concept. 

30. Which of the following steps can be taken by a manager to minimize groupthink?        

  • Asking the group members to first focus on the positives of an alternative rather than the negatives
  • Preventing all team members from engaging in a critical evaluation of ideas at the beginning
  • Seeking input from employees before the group leader presents his opinions
  • Encouraging group leaders to develop a stronger sense of group identityking input from employees before the group leader presents his opinions 

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1. A fast-food restaurant asks customers to evaluate the drive-thru service as good, average, or poor. What level of data measurement is this classification?

  • Nominal
  • Ordinal
  • Interval
  • Ratio 

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2. In order to determine the average amount spent in November on Amazon.com a random sample of 144 Amazon accounts were selected. The sample mean amount spent in November was $250 with a standard deviation of $25. Assuming that the population standard deviation is unknown, what is a 95% confidence interval for the population mean amount spent on Amazon.com in November?

  • ($245.88, $254.12)
  • ($247.47, $260.09)
  • ($250.64, $256.92)
  • ($251.34, $256.22) 

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3. A shipment of 20 DVDs has arrived at a video rental store. Based on past experience, the manager knows that 10% of all new DVDs sent to the store have a visible defect. The manager tells you to begin inspecting the new DVDs one at a time at random until you find the first DVD that has a defect. If 10% of the DVDs have a visible defect in the new shipment, what is the probability that the first DVD that has a defect is the 3rd one that you inspect? (Round your answer to 3 decimal places.)

  • .081
  • .268
  • .089
  • .716 

4. An insurance agent has selected a sample of drivers that she insures whose ages are in the range from 16–42 years old. For each driver, she records the age of the driver and the dollar amount of claims that the driver filed in the previous 12 months. A scatterplot showing the dollar amount of claims as the response variable and the age as the predictor shows a linear regression line with: y^=3710 – 55.4x. If the age of a driver increases by 1 year, by how much and in what direction would the dollar amount of claims be predicted to change for the driver?

  • Increase by 55.4 dollars
  • Decrease by 55.4 dollars
  • Increase by 3710 dollars
  • Increase by 3,654.6 dollars 

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5. A researcher claims that the proportion of employees who play video games in the workplace is higher than it was 10 years ago. You might be willing to reject the null hypothesis of no change with a = 0.10 or larger. The p-value for this test is 0.15. In this case the researcher should

  • not reject the null hypothesis
  • reject the null hypothesis
  • continue with further testing because the result is inconclusive
  • change the testing from nonparametric to parametric 

6. The general plan of major actions through which a firm intends to achieve is long-term objectives is called its

  • corporate plan
  • long-term goal
  • grand strategy
  • mission 

7. How valuable a low-cost leader’s cost advantage is depends on

  • whether it is easy or inexpensive for rivals to copy the low-cost leader’s methods or otherwise match its low costs
  • how easy it is for the low-cost leader to gain the biggest market share
  • the aggressiveness with which the low-cost leader pursues converting the cost advantage into the absolute lowest possible costs
  • the leader’s ability to combine the cost advantage with a reputation for good quality 

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8. Which of the following represent marketing capabilities at the growth stage of industry evolution?

  • Skills in aggressively promoting products to new markets and holding existing markets and pricing flexibility
  • Ability to establish brand recognition, find niche, reduce price, solidity strong distribution relations and develop new channels
  • Cost effective means of efficient access to selected channels and markets and strong customer loyalty or dependence
  • Resources or skills to create widespread awareness and find acceptance from customers; advantageous access to distribution 

9. __________ is an organization structured around the idea of sharing knowledge, seeking knowledge, and creating opportunities to create new knowledge.

  • A global company
  • A modular organization
  • An ambidextrous organization
  • A learning organization 

10. Which of the following types of strategic control has a low degree of formalization?

  • Special alert control
  • Implementation control
  • Strategic surveillance
  • Premise control 

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11. Investors and creditors are particularly interested in this financial statement because it tells them what is happening to the company’s most important resource?

  • Statement of cash flows
  • Income statement
  • Retained earnings statement
  • Balance sheet 

12. The cash basis of accounting is prohibited under GAAP for the following reason:

  • It divides the economic life of a business into artificial time frames.
  • It violates the revenue recognition principle and the expense recognition principle.
  • It fails to provide for adjusting entries.
  • It records revenues only in the time period in which they are received. 

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13. Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Eddy Auto Supplies Balance Sheet December 31, 2014 Cash $84,000 Accounts payable $110,000 Accounts receivable $80,000 Salaries and wages payable $20,000 Inventory $140,000 Mortgage payable $180,000 Prepaid insurance $60,000 Total liabilities $310,000 Stock investments $170,000 Land $190,000 Buildings $226,000 Common stock $240,000 Less: Accumulated Retained earnings $500,000 depreciation ($40,000) $186,000 Total stockholders’ equity $740,000 Trademarks $140,000 Total liabilities and Total assets $1,050,000 Stockholders’ equity $1,050,000

  • $686,000
  • $516,000
  • $556,000
  • $376,000

14. 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
  • $12,600
  • $1,800
  • $6,300 

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15. The Sarbanes–Oxley Act of 2002 requires publicly traded U.S. companies to take the following actions to defect and prevent fraud:

  • Adopt accrual basis of accounting, maintain an adequate system of internal controls, and create penalties for noncompliance
  • Maintain an adequate system of internal controls, ensure that internal controls are reliable and effective, and hire independent auditors to attest adequacy of internal controls
  • Ensure internal controls are reliable and effective, corporate executives must independently review internal controls, and submit all financial statements to the Public
  • Company Accounting Oversight Board
  • Maintain an adequate system of internal controls, provide additional training to managers and accountants regarding internal controls, and publish internal controls on the company’s public website 

16. On July 1, 2014, Linden Company purchased the copyright to Norman Computer Tutorials for $140,000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2014 would be

  • $28,000
  • $13,125
  • $25,900
  • $14,000 

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17.ABC Corp. receives a 7-month interest-bearing promissory note in the amount of $360,000 on February 1. The interest rate is 15%. What is the total interest expense ABC Corp will record assuming ABC makes all of its payments?

  • $54,000
  • $31,500
  • $4,500
  • $36,000 

18. Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to cash for $3,000,000 and a credit or credits to

  • preferred stock of $3,000,000
  • preferred stock for $2,500,000 and paid-in capital in excess of par value—preferred stock for $500,000
  • preferred stock for $2,500,000 and retained earnings for $500,000
  • paid-in capital from preferred stock for $3,000,000

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19. Which of the following tools of analysis is used to evaluate financial statement information by expressing financial statement data as a percentage over a base amount?

  • Vertical analysis
  • Horizontal analysis
  • Ratio analysis
  • Industry averages

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20.The Sarbanes–Oxley Act of 2002 requires publically-traded U.S. companies to provide great internal controls. The five primary components of an internal control system include: a control environment, risk assessment, information and communication, monitoring, and

  • Establishment of responsibility
  • Segregation of duties
  • Control activities
  • Human resource controls 

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BUS 475 Week 1 Knowledge Check

BUS 475 Week 2 Knowledge Check

BUS 475 Week 4 Knowledge Check

BUS 475 Capstone Final Exam Part 1

BUS 475 Capstone Final Exam Part 2

BUS 475 Capstone Final Examination Part 1 and Part 2 (Both)

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1. Compared with other approaches to business, the marketing concept is distinct in that it

  • focuses on sales
  • produces new products and services
  • creates a broad assortment of products
  • focuses on satisfying customers’ needs 

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2. A company provides its advertising agency with a statement about a new product to use in designing an advertising campaign, and this statement includes a description of the target market, the product type, the primary benefits of using the product, and how this product is different from, and better than, competitive products. What type of statement is this?

  • Qualifying
  • Positioning
  • Determining
  • Clustering 

3. The sales analysis of a product revealed that profits were highest when it was initially introduced into the market with a high selling price. However, the price was gradually reduced as it started facing competition as substitutes entered the market. This is an example of a(n)

  • introductory price dealing
  • temporary price cut policy
  • skimming price policy
  • penetration price policy 

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4. Blending the firm’s promotion efforts to convey a complete and consistent message is the goal of

  • sales management communications
  • sales promotion communications
  • integrated promotional marketing
  • integrated marketing communications 

5. According to the concept of social responsibility, a firm has a duty to

  • communicate regularly with the public
  • place profit above all other considerations
  • place customer satisfaction above all other considerations
  • conduct business in a way that is good for society as a whole, both now and for the future 

6. The principal participants in the financial markets are

  • businesses, banks, and government
  • borrowers, savers, and financial institutions
  • mutual funds, hedge funds, and investment bankers
  • dealers, brokers, and regulators 

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7. You just purchased a parcel of land for $10,000. If you expect a 12% annual rate of return on your investment, how much will you sell the land for in 10 years? Note. Due to rounding and method of calculation, your answer might vary slightly. Choose the closest answer.

  • $25,000
  • $31,060
  • $38,720
  • $34,310 

8. Bull Gator Industries is considering a new assembly line costing $6,000,000. The assembly line will be fully depreciated by the simplified straight line method over its 5-year depreciable life. Operating costs of the new machine are expected to be $1,100,000 per year. The existing assembly line has 5 years remaining before it will be fully depreciated and has a book value of $3,000,000. If sold today the company would receive $2,400,000 for the existing machine. Annual operating costs on the existing machine are $2,100,000 per year. Bull Gator is in the 46 percent marginal tax bracket and has a required rate of return of 12 percent. Calculate the net present value of replacing the existing machine. Note. Due to rounding and method of calculation, your answer might vary slightly. Choose the closest answer.

  • $816,000
  • $382,320
  • $2,941,680
  • $-382,320 

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9. A strong stock market and reasonably good earnings have caused the price of the firm’s common stock to increase by 25%.

  • This will have no effect on the firm’s cost of capital.
  • All things equal, this will increase the firm’s cost of capital.
  • All things equal, this will lower the firm’s cost of capital.
  • This will only affect the cost of capital if the firm uses CAPM to compute the cost of equity. 

10. Buying and selling in more than one market to make a riskless profit is called

  • profit maximization
  • arbitrage
  • international trading
  • This cannot be determined from the above information. 

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11. The United States imposes substantial taxes on cigarettes but not on loose tobacco. When the tax on cigarettes went into effect, the demand for home cigarette rolling machines most likely

  • decreased, causing the price of cigarette rolling machines to fall and the quantity of machines purchased to fall
  • decreased, causing the price of cigarette rolling machines to rise and the quantity of machines purchased to fall
  • increased, causing the price of cigarette rolling machines to rise and the quantity of machines purchased to rise
  • increased, causing the price of cigarette rolling machines to rise and the quantity of machines purchased to fall 

12. Keynes believed that an increase in savings would

  • raise aggregate demand by reducing investment
  • raise aggregate demand by increasing consumption
  • reduce aggregate demand by reducing investment
  • reduce aggregate demand by reducing consumption 

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13. Which of the following monetary policies reduces aggregate demand and output?

  • cut in the federal funds rate
  • An open market purchase of government securities
  • An increase in the discount rate
  • A cut in the required reserve ratio 

14. Deficits may be desirable in the short run if they

  • help to stabilize the economy when the economy falls below potential output
  • increase savings necessary for future investment and growth
  • increase savings necessary for future consumption and demand
  • help to stabilize the economy when the economy is above potential output 

15. If for a country, the quantity of its currency demanded exceeds the quantity supplied, then there is a

  • balance of payments surplus
  • balance of payments deficit
  • balance of payments equilibrium
  • trade balance 

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16. Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that

  • the law of demand is invalid
  • despite the increase in price, quantity demanded rose due to some other factor changing
  • this situation has nothing to do with the law of demand
  • the demand for a college education is positively sloped 

17. Economic efficiency is achieved at a particular output level if

  • marginal cost is as low as possible
  • average fixed cost is as low as possible
  • average total cost is as low as possible
  • average variable cost is as low as possible 

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18. A perfectly competitive firm will be profitable if price at the profit-maximizing quantity is above

  • MC
  • AVC
  • ATC
  • AFC 

19. How are goods manufactured in other countries creating jobs in the United States?

  • People whose jobs were outsourced are now discouraged workers.
  • U.S. firms are specializing in managing the trade of these goods.
  • Foreign countries are importing U.S. natural resources
  • People who have lost jobs have more time to shop and therefore increase demand for goods. 

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This article covers the topic for the University Of Phoenix BUS 475 Week 2 Knowledge Check. The author is working in the field of education from last 5 years. This article covers the basic of BUS 475 Week 2 Knowledge Check from UOP. Other topics in the class are as follows: 

BUS 475 Week 1 Knowledge Check

BUS 475 Week 2 Knowledge Check

BUS 475 Week 4 Knowledge Check

BUS 475 Capstone Final Exam Part 1

BUS 475 Capstone Final Exam Part 2

BUS 475 Capstone Final Examination Part 1 and Part 2 (Both)

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1. Reaching a valid decision is based on the evaluation of arguments. If we know that a valid argument has true premises, then a decision based on the argument______________.

  • must be sound
  • might be sound
  • is strong
  • might have a false conclusion 

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2. Identify the fallacy in the following piano store advertisement: “Pianos are our only business. You’ll get the best deal at the Piano Experts.”

  • Ad hominem
  • Straw man
  • Hasty generalization
  • Red herring 

3. Which of the following statements describes creativity correctly?

  • Only highly intelligent people are capable of generating creative ideas.
  • Creative people are born with the trait.
  • Anyone can become more creative.
  • Children are more creative than adults. 

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4. How would you assess the following statement? Consider both the nature of the claim and the source. “Lottery director Mark Michalko said Thursday that allegations that Californians are squandering money they once used for food to buy lottery tickets âare just not correct.’. . . California Grocers Association president Don Beaver raised the issue earlier in the week, saying five supermarket chains had complained that grocery sales dropped about 5 percent after lottery tickets went on sale October 3.” —Sacramento Bee

  • Probably true
  • Probably false
  • Requiring further documentation
  • Claim that cannot be properly evaluated 

5. The Sarbanes–Oxley Act was created in 2002 to improve and maintain investor confidence. The act includes which of the following:

  • senior managers sign off on financial results
  • privately held companies must report to the public
  • officers are exempt if they were not aware of a misrepresentation
  • company insiders may compose the entire Board of Directors 

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6. Organizational behavior is examined at three main levels.

  • Traits, behaviors, and results
  • Affective, cognitive, and behavioral
  • Individual, organizational, and societal
  • Individual, group, and organizational 

7. Employees who have intrinsic work values will be motivated by

  • challenging assignments
  • status in the workplace
  • social contacts
  • financial rewards 

8. Research on the five-stage model of group development shows that

  • all groups pass through the norming stage
  • groups always pass through the stages in order
  • not all groups go through each of the stages
  • all groups pass through the adjourning stage 

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9.The extent to which a leader actually does help a group or organization to achieve its goals is best described as

  • formal leadership
  • leader effectiveness
  • organizational profitability
  • informal leadership 

10. When the business environment is __________, an organization is most likely to decentralize authority and empower its employees to make operating decisions.

  • stable
  • uncertain
  • unknown
  • transparent 

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11. To make your communication more effective

  • include as much information as possible, even if you are not sure it is necessary
  • send the same messages by multiple channels
  • clearly address your audience’s wants and needs, not yours
  • draw pictures and animations your audience will understand 

12.Which of the following meeting technologies would be most effective for negotiations, collaborative problem solving, and other complex discussions?

  • Telepresence
  • Instant messaging
  • Teleconference
  • Telephone 

13.Most persuasive messages combine

  • many major points all at once
  • logical and emotional factors
  • truth and falsehood
  • current and very old evidence 

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14. Important design elements to consider when creating slides include which of the following:

  • word selection
  • selecting background designs
  • selecting a theme
  • writing content 

15. Which of the following would be the best wording to use on a resume?

  • “I was in charge of a staff of six employees.”
  • “I supervised a full staff of six employees.”
  • “Was in charge of entire departmental staff.”
  • “Supervised staff of six employees.” 

16. The __________ approach to ethics maintains that an ethical action is the one that provides the most good or does the least harm.

  • utilitarian approach
  • rights approach
  • fairness approach
  • common good approach 

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17. Which type of privacy policy restricts an organization from collecting personal information until the customer specifically authorizes it?

  • Opt-out model
  • Opt-in model
  • Electronic surveillance
  • Profiling 

18.Wireless communication includes which of the following:

  • Bluetooth
  • coaxial connections
  • traditional land lines
  • lighting connections 

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19. Enterprise resource planning applications seeks to integrate a number of issues, including which of the following:

  • vacation schedules
  • tenure of the staff
  • production and inventory levels
  • turnover rate of the project staff 

20. The request for proposal (RFP) is one of the key tools in acquiring information systems and applications. Which of the following statements best characterizes the RFP?

  • The RFP must always be used.
  • It is prepared by the vendor.
  • It always identifies the price.
  • It defines the scope of the project. 

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21. The relationship between jurisdiction and venue of state and federal courts

  • often causes delays in case resolution
  • causes development of conflicting rules in similar disputes
  • is determined by the U.S. Attorney General
  • is well-defined by statute and case law 

22.Businesses owe customers (business invitees) visiting their stores

  • no duty of care, the customer assumes the risk of injury
  • a warning of known risks, only
  • a duty to inspect for and warn of risks
  • a duty to repair hidden risks only where children are involved 

23.A legally enforceable contract always requires

  • a written document
  • signatures of all parties
  • a heading saying “Contract” or “Agreement”
  • a manifest intent to be bound by the parties 

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 24. Regulatory (or administrative) law arises from

  • court decisions
  • enabling statutes
  • attorney general opinions
  • policy documents prepared by nongovernmental organizations 

25. The purpose of a clear ethical code in a business is

  • to draw on employees religious background
  • to encourage philosophical debate among employees
  • to regulate employees’ private conduct
  • to manage values and conflicts among them 

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This article covers the topic for the University Of Phoenix BUS 475 Week 1 Knowledge Check. The author is working in the field of education from last 5 years. This article covers the basic of BUS 475 Week 1 Knowledge Check from UOP. Other topics in the class are as follows: 

BUS 475 Week 1 Knowledge Check

BUS 475 Week 2 Knowledge Check

BUS 475 Week 4 Knowledge Check

BUS 475 Capstone Final Exam Part 1

BUS 475 Capstone Final Exam Part 2

BUS 475 Capstone Final Examination Part 1 and Part 2 (Both)

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1. What is true of the Foreign Commerce Clause in the context of the United States and foreign affairs?

  • It does not encompass state and local laws.
  • It gives the federal government exclusive power over foreign affairs.
  • It prohibits multilateral treaties.
  • It authorizes Congress to regulate commerce with foreign nations. 

2. The country of Elamia has added a new feature to its constitution. This feature gives power to the central government to enter into treaties with foreign countries. It does not give this power to state governments. In addition, this feature states that any local law that goes against a centrally-formed treaty will be canceled. Which part of the U.S. Constitution does Elamia’s new constitutional feature closely resemble?

  • Treaty Clause
  • Foreign Commerce Clause
  • Bilateral Treaty Clause
  • North American Free Trade Agreement (NAFTA) 

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3. In the context of the United States and foreign affairs, treaties _____.

  • can only be formed between two nations
  • can only be formed only if sponsored by international organizations
  • are considered equal to lawmaking at the international level
  • can be formed even by local governments 

4. The International Court of Justice _____.

  • hears cases related to individuals and businesses
  • hears cases involving nations
  • is composed of five judges
  • is located in Geneva 

5. What is true in the context of the European Union (EU)?

  • The European Union Commission is independent of its member nations.
  • The Council of Ministers is composed of representatives from only five member countries.
  • All major decisions of the Council of Ministers require unanimity and no changes in the treaty are made based only on a majority vote.
  • All EU member countries have voted to use the euro. 

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6. The World Trade Organization (WTO) implements various rounds of negotiations among its membership. Through these rounds, it aims to achieve major reform of the international trading system. What is the fundamental objective of the Doha Round of the World Trade Organization (WTO)?

  • To increase trade barriers
  • To resolve trade disputes arising from contracts
  • To improve trade prospects of developing countries
  • To issue panel reports in dispute cases 

7. What is the correct statement in the context of Hindu law?

  • Anglo-Hindu law was adopted in India, post its independence.
  • Classical Hindu Law rests on the works of private scholars.
  • Hindu law is not codified in any country.
  • Hindu law is predominantly based on court decisions. 

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8. Which international religious law is based on the ideology and theology of the Torah?

  • Islamic law
  • Jewish law
  • Hindu law
  • Christian law 

9. Ayub is an owner of a business that deals with the manufacture and sale of silk rugs. According to Islamic law, which of the following would most likely apply to Ayub, if riba was prohibited?

  • Ayub would be able to pay interest on loans.
  • Ayub would not be able to make any profits from the sale of his rugs.
  • Ayub would not be allowed to make any unjustified profits.
  • Ayub would not be permitted to earn profits from any services provided by him. 

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1. Identify an accurate statement about the Food, Drug, and Cosmetic Act (FDCA).

  • It prohibits the disclosure of nutrition information on food labels.
  • It only covers the quality of actual products and does not encompass packaging.
  • It prohibits the shipment, distribution, or sale of adulterated food.
  • It does not place liability on manufacturers or distributors for deceptive labelling. 

2. Which product is exempt from Food and Drug Administration (FDA) regulation of cosmetics?

  • Household soap
  • Facial cleanser
  • Lip color
  • Eye shadow 

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3. Glitter is a clothing store advertising a week-long sale featuring low-price summer merchandise. Amy visits the store on the second day of the sale to buy discounted clothing. However, the store has very few of the low-price clothes remaining. When Amy inquires about the sale, she is, instead, directed to a section of very expensive clothing that is not on sale. Feeling pressurized by the salesperson to buy some of the expensive clothes, Amy ends up spending a lot of money at the store. What type of deceptive business practice is best illustrated in the scenario?

  • Credit and debt
  • Trade libel
  • Door-to-door sales
  • Bait and switch 

4. What is an environmental impact statement most likely to contain?

  • Guidelines for maintaining environmental standards for state governments
  • A cost-benefit analysis of a proposed federal action that might affect the environment
  • Annual environmental reports provided by state governments
  • Conservation proposals made by environmental experts outside the government 

5. Identify the federal act that was enacted to regulate the disposal of new hazardous wastes and empowers the Environmental Protection Agency (EPA) to regulate facilities that generate, treat, store, transport, and dispose hazardous wastes.

  • Resource Conservation and Recovery Act (RCRA)
  • Toxic Substances Control Act
  • National Environmental Policy Act (NEPA)
  • Nuclear Waste Policy Act 

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6. What is a true statement in the context of environmental laws?

  • The Clean Air Act encompasses only stationary sources of pollution and not automobiles.
  • States are responsible for the enforcement of air quality standards even though the Environmental Protection Agency (EPA) sets the standards.
  • The primary task of enforcing the provisions of the Clean Water Act rests with the federal government and not state governments.
  • The federal Clean Water Act does not encompass the maintenance of wetlands. 

7. What is true of the per se rule according to Section 1 of the Sherman Act?

  • It holds that even reasonable restraints violate Section 1 of the Sherman Act.
  • It applies to restraints that are intrinsically anticompetitive.
  • It applies to cases where restraints have both pro- and anticompetitive effects.
  • It applies to cases where justifications and evidence can be considered to evaluate restraints. 

8. Envy, Bling, and Pattern are three established and well-known clothing manufacturers and sellers. They decide not to sell their clothes to Embellish, a clothing retail store. Which form of horizontal restraint does this scenario best exemplify?

  • Price fixing
  • Division of markets
  • Group boycotts
  • Conscious parallelisms 

9. Some forms of business and activities like labor unions and agricultural cooperatives are expressly exempt from the reach of antitrust laws in the rules enacted by Congress. What type of exemptions are these?

  • Statutory exemptions
  • Implied exemptions
  • State action exemptions
  • Organization exemptions 

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10. When is a court likely to apply the piercing the corporate veil doctrine?

  • When a corporation is not generating adequate profits because of a drop in sales
  • When a shareholder has been found to be misusing corporate assets
  • When shareholders are not adequately participating in the management of the corporation
  • When an employee has violated corporation rules 

11. What statement is true in the context of the board of directors of a corporation?

  • All members of the board should be officers of the corporation.
  • All members of the board should have the same set of specific qualifications.
  • Officers of other corporations can be elected as directors of the board.
  • Directors of the board should be residents of the state in which the corporation was incorporated. 

12. Riya is a corporate officer as well as a senior academic author at Derive Inc., a content management company. The company develops question banks and learning material for students. Riya, without permission from the company, starts her own content management company. Derive then recovers damages and profits from Riya. Which act of disloyalty does this scenario best exemplify in the context of fiduciary duties?

  • Making a secret profit
  • Usurping a corporate opportunity
  • Self-dealing
  • Competing with the corporation 

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13.What step can food manufacturers and processors take to avoid legal risks associated with the Nutrition Labeling and Education Act (NLEA)?

  • Exclude dietary information on packaging
  • Provide information about all the nutrients on packaging
  • Provide only point-of-purchase nutrition information
  • Exclude information about serving size on packaging 

14. According to Section 2 of the Clayton Act, in which of these scenarios is a seller most likely to face a legal risk?

  • Jeremy, a seller, uses price discrimination to meet a competitor’s price.
  • Alex, a seller, sells similar quality products to two customers at different prices around the same time.
  • Marcos, a seller, increases product prices because of increased costs of production and packaging.
  • Chang, a seller, offers a service to a particular customer for a reduced price. 

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15. What will help chemical industries avoid legal risks in the context of environmental laws?

  • Using special labeling for toxic substances
  • Avoiding testing of new chemicals
  • Meeting only the standards that are economically feasible
  • Adopting only technologically feasible disposal standards 

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LAW 531 Week 1 Knowledge Check

LAW 531 Week 2 Knowledge Check

LAW 531 Week 3 Knowledge Check

LAW 531 Week 4 Knowledge Check

LAW 531 Week 5 Knowledge Check

LAW 531 Week 6 Knowledge Check

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