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BAM 411 Human Resource Management Unit 3 Examination
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The process of evaluating an employee’s current and/or past performance relative to his or her performance standards is called ________.
employee selection
recruitment
performance appraisal
organizational development
The “S” in the acronym for SMART goals stands for ________.
straightforward
specific
strategic
support
Who is the primary person responsible for doing the actual appraising of an employee’sperformance?
the EEO contact person
the company appraiser
the employee’s direct supervisor
None of the above.
Because in most organizations there is a hierarchy of goals, employee performance standardsshould ________.
make sense in terms of the broader organizational goals
be standard
be decided by the top executive
All of the above.
Besides the supervisor, which of the following is available to managers as an alternative sourceof performance appraisal information?
the employee
rating committees
peers
All of the above.
Suppose you have five employees to rate. You make a chart of all possible pairs of employees for each trait being evaluate Then, you indicate the better employee of the pair for each pair. Finally, you add up the number of positives for each employee. In this case, you have used the________ method of performance appraisal.
forced distribution
alternation ranking
paired comparison
graphic ranking scale
To protect against bias claims when using the forced distribution method, employers should
________.
train raters to be objective
appoint a review committee to review any employee’s low ranking
consider using multiple raters in conjunction with the method
All of the above.
All of the following are advantages of using the critical incident method for appraisingperformance except that:
incidents can be tied to performance goals.
it does not include a numerical rating.
it provides examples of good performance.
it provides examples of poor performance.
What is the fourth step in the Management by Objectives Method?
set the organization’s goals
set departmental goals
discuss departmental goals
define expected results
One personality study focused on how individual traits influenced the evaluations that studentsgave their peers. Raters who scored higher on ________ tended to give their peers lowerratings.
openness
agreeableness
conscientiousness
extroversion
One way of reducing the problems of leniency or strictness in performance appraisals is to________.
consider the purpose of the appraisal
be aware of the problem
train supervisors to avoid it
rank employees
When an employee’s personal characteristics, such as gender, influence a supervisor’sevaluation of his or her performance, the problem of ________ has occurred.
stereotyping
halo affect
central tendency
bias
When subordinates provide feedback for supervisors, the comments should be anonymousbecause identifiable responses tend to result in more ________.
critical ratings
inflated ratings
negative attitudes from managers receiving the feedback
All of the above.
The process through which someone becomes aware of personal skills, interests, knowledge, motivations; acquires information about opportunities; identifies career goals; and establishesaction plans to attain those goals is called ________.
career management
career development
career planning
organizational development
Responsibility for career development should always be left to the ________.
employee
manager
career success team
supervisor
What is another term for 360-degree feedback?
multi-source feedback
upward feedback
wheel feedback
feedback loop
Direct financial payments include all of the following except:
insurance
salaries
incentives
wages
Which of the following is addressed by the Fair Labor Standards Act?
child labor
minimum wage
maximum hours
All of the above.
According to the Fair Labor Standards Act, if a worker covered by the act works more than 40hours, he or she will receive overtime pay at a rate of ________ of normal pay for any hoursworked over 40 in a workweek.
150%
50%
125%
100%
Which of the following occupations is exempt from overtime and minimum pay provisionsstated in the Fair Labor Standards Act?
hourly cashiers
data entry
department heads
none of the above
Under which condition is it acceptable for employees of the opposite sex to receive differentpay for doing roughly equivalent work?
it is never acceptable
when the difference exists because of a merit system
when the difference exists despite similar responsibility
when the difference exists despite equal skills
The ________ prohibits discriminating against employees who are 40 years of age and older inall aspects of employment, including compensation.
Civil Rights Act
Fair Labor Standards Act
Equal Pay Act
Age Discrimination in Employment Act
The ________ allows a firm to borrow against employee stock held in trust.
Employer Retirement Income Security Act
Fair Labor Standards Act
National Labor Relations Act
Civil Rights Act
A ________ is comprised of jobs of approximately equal difficulty or importance as establishedby job evaluation.
class
pay grade
benchmark
pay group
Which health benefit listed below is offered by almost all employers?
wellness program
chiropractic insurance
medical care insurance
mental health insurance
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BAM 411 Human Resource Management Unit 2 Examination
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Information regarding job demands such as finger dexterity or conscientiousness is included inthe information about ________ an HR specialist may collect during a job analysis.
work activities
performance standards
machines, tools, equipment, and work aids
human behaviors
What type of information is contained in the job identification section of a job description?
job summary
major functions or activities
job title
All of the above.
When filling jobs with untrained people, the job specifications may include ________.
quality of training
physical traits
length of previous service
All of the above.
Competency analysis focuses on ________.
what is accomplished
what competencies or skills the worker must have to do the work
where the work is accomplished
when work is accomplished
When planning for employment requirements, what must be forecasted?
personnel needs
supply of inside candidates
both a and b
None of the above.
________ contain data on employees’ performance records, educational background, andpromotion recommendations.
Trend records
Qualifications inventories
Computerized information systems
Replacement charts
Who is typically responsible for paying the fees charged by private employment agencies whenthey place qualified individuals in jobs?
the employee
the employer
there are no fees
the state employment commission
Which of the following is an advantage of college recruiting?
access to candidates who are not looking for jobs
access to a source of management trainees
schedules for recruitment visits set far ahead of time
All of the above.
One of the biggest challenges facing single parents in the job market is ________.
getting a sufficient salary
balancing work and family life
minimizing the commute to work
getting access to the Internet to search job sites
Which of the following can be an illegal question on an application form under some statelaws?
Questions about experience
Questions about work stability
Questions about applicant’s age
Questions about education
Which of the following could be perceived as discriminatory when asked on an employmentapplication form?
religion
age
race
All of the above.
A(n) ________ is a procedure designed to solicit information from a person’s oral responses tooral inquiries.
interview
presentation
invigilation
prospectus
What is one of the first things you should NOT do to make reference checking moreproductive?
have the candidate sign a release authorizing the background check
get two forms of identification and make applicants fill out job applications
use a structured reference checking form
use references provided by the applicant as a source of other references
Which assessment method can be conducted one-on-one or with a panel?
job knowledge tests
cognitive ability tests
structured interviews
All of the above.
Which of the following is an example of a reliable test?
one that yields consistent scores when a person takes two alternate forms of the test
one that yields different scores from two different people taking the test on differentoccasions
one that yields one score on a test and a different, but better score on the same test taken on a different occasion
one that includes questions that are not repetitive in any way
Which of the following describes using an equivalent-form estimate to assess reliability?
different tests to different people and compare test scores of the different people
administer two tests deemed the same by experts and then compare participants’ test scores for test one and test two
administer the same test to the same people at two different points in time andcompare their test scores at time 2 with the scores at time 1
administer a test with x number of items designed to assess a topic, then statistically analyze the degree to which responses to the items vary together
Which of the following tasks is not part of demonstrating content validity?
demonstrating that the scores on the test are a good predictor of criterion like job performance
demonstrating that the tasks a person performs on the test represent the tasks performed on the job
demonstrating the conditions under which the person takes the test resemble the work situation
demonstrating that the tasks on the test are a random sample of tasks performed on the job
A ________ is a two or three-day simulation in which 10 to 12 candidates perform realistic management tasks under the observation of experts who appraise each candidate’s potential.
video-based situational testing
management assessment center
work sampling event
retreat
What type of question is the following: “Imagine that you have just been assigned the task ofwinning the business of our competition’s biggest client. How would you proceed?”
directive
puzzle
behavioral
situational
The third step in the training process is to ________.
conduct a needs analysis
develop the program or course
design the program content
train the targeted group of employees
Which of the following training methods is the most familiar?
informal learning
on-the-job training
lectures
apprenticeship training
Rebekah was hired soon after graduation and assigned to complete a management traineeprogram. She will move to various jobs each month for a nine-month period of time. Heremployer is utilizing the ________ form of training.
job rotation
understudy
special assignments
coaching
Another term for vestibule training is ________ training.
cubicle
apprenticeship
computer-based
simulated
Bobby demonstrates the correct way to do a job. He is using which training technique?
behavior modeling
instruction by example
demonstrational prowess
None of the above.
Any attempt to improve managerial performance by imparting knowledge, changing attitudes,or increasing skills is called ________.
management development
on-the-job training
diversity training
performance improvement programs
B
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BAM 411 Human Resource Management Unit 1 Examination
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________ plan training activities.
Managers
Training specialists
Corporate teachers
Job analysts
________ organize the training opportunities for a company.
EEO representatives
Trainings specialists
Change managers
Communication directors
The ________ HR group may provide specialized support for organizational change.
centers of expertise
embedded
corporate
transactional
The proportion of younger workers in the workforce is projected to ________.
stop growing
decrease
decrease at a faster rate
increase at a slower rate
Over the next few years, employers may face a severe labor shortage because ________.
people are living longer
there are fewer people entering the job market than there are retiring baby boomers
one-third of single mothers are not in the labor force
All of the above.
What tactic will employers likely have to take to fill openings left by retiring employees?
hiring more women
instituting flexible work hours
rehiring retirees
lowering the retirement age
Strategic human resource management refers to ________.
planning the balance of internal strengths and weaknesses with external opportunities and threats to maintain competitive advantage
extending a firm’s sales, ownership, and manufacturing to new markets
formulating and executing human resource policies and practices that produce theemployee competencies and behaviors the company needs to achieve its strategic aims
emphasizing the knowledge, education, training, skills, and expertise of a firm’s workers
8 . Which term refers to letting vendors abroad provide services for a firm?
offshoring
application service providers
data warehousing
external work systems
________ refers to the tendency of firms to extend their ownership to new markets abroad.
Trend analysis
Globalization
Outsourcing
Strategic human resources
Which organization provides professional certification for human resource managers?
Association of Business Administration
Academy of HR Partners
Academy of Management
Society for Human Resource Management
Which of the following is an example of HR management’s changing role?
HR managers must be individually centered so as to ensure that there will be nofavoritism.
HR managers must represent the organization even when they are off the clock.
HR managers must measurably improve organizational performance.
None of the above.
Which of the following is not a factor changing the environment of HRM?
economic trends
demographic trends
“generation Y”
None of the above.
All of the following are new HRM skills except:
improving internal consulting skills.
improving off shoring skills.
supplying transactional services while serving more strategic, internal consulting activities.
All of the above.
A ________ is a system that enables employees to manage their own benefits and update their personal information.
software based system
company portal
cybernetic portal
formulation system
Of the ten most serious ethical issues, how many were HR related?
four
ten
six
seven
Which of the following is an issue that HR managers have to deal with today?
managing ethics
adding value
managing employee engagement
All of the above.
The ________ Amendment to the U.S. Constitution states, “no person shall be deprived of life,liberty, or property, without due process of the law.”
Tenth
Fifth
First
Thirteenth
The establishment of the EEOC ________ the ability of the federal government to enforce equal employment laws.
hampered
greatly enhanced
greatly reduced
truncated
Jack is a 55-year-old American of Anglo-Saxon descent. What legislation is intended to protect Jack from discrimination?
Age Discrimination in Employment Act of 1967
Equal Pay Act of 1963
Executive Order 11246
Title VII
The Vocational Rehabilitation Act requires that employers accommodate disabled workersexcept when doing so imposes ________.
any form of inconvenience
any objection by the customers
an undue hardship
any financial burden
What was the name of the landmark case the Supreme Court used to define unfair discrimination?
Griggs v. Duke Power Company
Meritor Savings Bank FSB v. Vinson
Faragher v. City of Boca Raton
Roe v. Wade
22. All of the following are ways of proving sexual harassment except:
visiting the ombudsman.
hostile working environment.
quid pro quo.
b and c only
Under the Federal Agency Uniform guidelines, it may be ________ to discriminate againstpersons even within the 40+ age bracket.
unlawful
necessary
lawful
b and c only
All of the following are useful in minimizing liability for sexual harassment except:
establishing a management response system.
taking all complaints about harassment seriously.
adopting a policy that forgives the first offense.
issuing a strong policy statement condemning harassment.
Which of the following is not a guideline arising out of Griggs v. Duke Power?
job relatedness
discrimination must have disparate impact only
discrimination need not be intentional
burden of proof on employer
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BAM 315 Principles of Management UNIT 1 Examination
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Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1 A ________ is an example of a first-line manager.
A shift manager.
B division manager.
C store manager.
D regional manager.
2 Establishing strategies for achieving organizational goals is a part of the ________ function.
A coordinating.
B organizing.
C leading.
D planning.
3 Katz proposed that managers need ________ skills.
A human, empirical, and mechanical.
B technical, human, and conceptual.
C technical, human, and financial.
D technical, interpersonal, and legal.
4 Which of the following changes has resulted in the shifting of organizational boundaries?4.
A digitization.
B increased competitiveness.
C increased emphasis on organizational ethics.
D changing security threats
.
Managerial Basic Training (Scenario)Imagine that your marketing company has just merged with a manufacturing organization. You have been asked to help provide some “basic” managerial training to the engineers in the research and development unit of the new company. To ensure you are covering the important issues, your boss has asked to see an overview of materials that you will be providing the engineers.
5 The engineers have to be informed that, ________ are the people who direct the activities of others in an organization.
A line workers.
B directors.
C subordinates.
D managers.
6 Many of the engineers in the group are unclear about what managers actually do. Your training. materials should explain that a manager’s job focuses on ________.
A personal achievement.
B helping others accomplish their work goals.
C supervising groups rather than individual employees.
D performing clerical duties
.
The Customer Meeting (Scenario)Kelly, a production supervisor, is responsible for 10 employees who assemble components into a finished product that is sold to distributors. Kelly reports to Ben, a production manager, who in turn reports to Dan, a general manager, who reports to McKenna, a vice president of operations. Recently, McKenna asked Dan to have a meeting with Kelly and Ben regarding some customer concerns in the production area. The focus of the meeting was to judge the validity of the customer concerns, and to develop a specific plan to address these concerns.
7 Kelly is a ________.
A middle manager.
B top manager.
C nonmanagerial employee.
D first-line manager
.
The General Manager (Scenario)Michael is the manager of a production facility. On a routine day, Michael meets with the employees who produce the organization’s product. At another time, Michael meets with the production manager, Betty, and the human resource manager, Joyce, to discuss complaints filed by one of the employees in the production department. Michael also spends time on the Internet looking for new technologies that can be used in the production processes of his plant.
8 When Michael manages the employees who produce the product, he is utilizing his ________.
A empirical skills.
B conceptual skills.
C technical skills.
D human skills.
Managerial Skills (Scenario)Adam, Brenda, Carl, and Dan are employees in the same organization. Adam is the shift
manager, Brenda is the district manager, Carl is the regional manager and Dan is the project leader. Adam manages the employees who produce the organization’s product. After his excellent work is noticed, he is promoted to division manager. Carl on the other hand, after a disciplinary proceeding, is assigned to the post of office manager. Ethan is the managing
director of the same organization.
9 Which of the following is true for Adam before his promotion.
A His technical skills are of the utmost priority.
B He need not have any empirical skills.
C He need not possess any human skills.
D His conceptual skills are of the utmost priority.
10 The symbolic view of management is based upon the belief that managers symbolize ________.
A he take-charge executive who overcomes any obstacle to see that the organization achieves its goals.
B every aspect of an organization’s performance, from the top level to the operational level.
C the fluctuating fortunes of the organization as they alternate between profits and losses.
D control and influence in developing plans and making decisions.
11 ________ is/are called the iGeneration because they’ve grown up with technology that customizes everything to the individual.
A Post-Millenials.
B The Silent Generation.
C Gen Y-ers.
D Baby Boomers.
12 Which of the following environments is characterized by the highest level of environmental uncertainty?
A a dynamic and simple environment.
B a stable and complex environment.
C a dynamic and complex environment.
D a stable and simple environment.
13 Which of the following is a disadvantage of having a strong organizational culture?
A decreased organizational performance.
B inability to respond to changing conditions.
C high employee turnover.
D low loyalty towards the organization
.
14 The term ________ refers to repetitive sequences of activities that express and reinforce the important values and goals of the organization.
A corporate rituals.
B employee mentoringb
C business ethics.
D organizational cultured.
15 Which of the following is most likely to have a highly spiritual organizational culture?
A a business that focuses strictly on outcomes.
B a business that emphasizes centralized control.
C a company with high tolerance of employee expression.
D a highly aggressive, competitive business.
16 Jeff is an employee with the accounting department at a major shipping service provider in Texas. Soon after he joined following his graduation, his company developed corporate programs to help improve self-confidence and qualifications of diverse employees so they could “fit in.” During which period of time did Jeff start working for his employers?
A new millennium.
B early 1980s.
C late 1980s to late 1990s.
D 1960s to 1970s.
17 Differences arising from which of the following factors becomes more important to people as they get to know each other?
A gender.
B race.
C personality.
D ethnicity.
18 Which of the following perceptions do employers typically have of older employees?
A uncommitted to doing quality work.
B lack of sound judgment.
C weak work ethic.
D resistant to new technology.
19 What type of discrimination usually involves jokes or negative stereotypes being perpetrated about fellow employees?
A exclusion
B mockery and insults
C intimidation.
D discriminatory policies
20 Which of the following examples would be considered appropriate stereotyping?
A assuming women to be particularly bad drivers.
B asking someone from accounting to help with a budgeting problem.
C assuming red-haired people have rather nasty tempers.
D bracketing working mothers as not being committed fully to their jobs.
21 The aspect that differentiates social responsibility from other similar concepts is that it adds = a(n) ________.
A legal imperative.
B technical imperative.
C political imperative.
D ethical imperative.
22 Which of the following arguments on social responsibility states that pursuing social goals hurts a business’s economic productivity?
A lack of skills.
B costs.
C dilution of purpose.
D imaged
23 A ________ is a formal statement of an organization’s primary values and the ethical rules it expects its employees to follow.
A code of ethics.
B vision statement.
C mission statement.
D code of purposed.
24 The primary debate about ethics training programs is whether ________.
A ethics can be taught.
B the programs give unethical individuals more ammunition.
C ethics causes misconduct.
D the programs cover misconduct outside the workplace.
25 The ________ Act offers some legal protection to whistle-blowers. It has a provision wherein any manager who retaliates against an employee for reporting violations faces a stiff penalty of a 10-year jail sentence.
A Landrum-Griffin.
B Taft-Hartley.
C Glass-Steagall.
D Sarbanes-Oxley.
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BAM 313 Final Exam Answers
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BAM 306 Principles of Marketing Final Examination
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All of the following are accurate descriptions of modern marketing EXCEPT which one?
Marketing is the creation of value for customers.
Marketing is used by for-profit and not-for-profit organizations.
Marketing is managing profitable customer relationships.
Marketing involves satisfying customers’ needs.
Selling and advertising are synonymous with marketing.
Consumer research, product development, communication, distribution, pricing and service are
all core ________ activities.
management
exchange
production
customer relationship management
marketing
Which marketing orientation calls for aggressive promotional efforts and focuses on generating
transactions to obtain profitable sales?
Product concept
Selling concept
Marketing concept
Production concept
Societal marketing concept
Which of the following reflects the marketing concept philosophy?
“We build them so you can buy them.”
“You won’t find a better deal anywhere.”
“We don’t have a marketing department; we have a customer department.”
“We’re in the business of making and selling superior products.”
“When it’s profits versus customers’ needs, profits will always win out.”
Building, keeping and growing profitable relationships by delivering customer value and
satisfaction is called ________.
Customer relationship management
Societal marketing
Customer perceived value
Customer lifetime value
Database marketing
You are an assistant marketing director for a firm in a market with many low-margin customers.
What type of relationship would be most profitable for you to develop with these customers?
Basic partnerships
Full partnerships
Club programs
Basic relationships
Selective relationships
Which of the following is the total combined customer lifetime values of all a company’s
current and potential customers?
Customer equity
Share of customer
Customer lifetime value
Profitability
Share of market
Jolene’s firm markets preplanning services for a mortician. She finds that most of her target
market wants to avoid discussing their future funeral needs and she must somehow first get
their attention. Jolene’s firm most likely practices the ________.
selling concept
social marketing concept
marketing concept
production concept
societal marketing concept
The Niketown running club that organizes twice weekly evening runs and follow-up meetings in
the Nike Store is an example of which of the following?
A basic customer relationship
A club marketing program
A structural benefit provided for top customers
A frequency marketing program
A partner relationship
A church targeting different demographic groups to increase attendance is an example of
________.
for-profit marketing
not-for-profit marketing
customer evangelism
caring capitalism
societal marketing
Which of the following is NOT a step in the strategic planning process?
Planning marketing and other functional strategies
Defining the company mission
Evaluating all members of the value chain
Designing the business portfolio
Setting company objectives and goals
Which of the following can be a company division, a product line within a division or
sometimes a single product or brand?
A PLC
A market
The BCG
A value delivery network
An SBU
Which of the following does NOT accurately reflect a problem with the BCG matrix approach?
It is difficult to define SBUs and measure market share and growth.
It can be costly to conduct.
It focuses on classifying current businesses.
It can be time consuming to implement.
It focuses on planning for the future.
In a basic SWOT analysis the “T” stands for ________.
timing
trade
trust
threats
tangible
Saturn is “a different kind of company, a different kind of a car”; the Hummer is “like nothing else.”
Statements such as these reflect a firm’s ________.
product portfolio
marketing mix
positioning
target markets
niche
You are directed to study the demographic, economic, natural, technological, political and cultural factors that are larger societal forces affecting your company. What are you studying?
The global environment
The marketing mix
The internal environment
The macroenvironment
The microenvironment
A(n) ________ is defined as any group that has an actual or potential interest in, or impact on,
an organization’s ability to achieve its objectives.
competitor
intermediary
public
team
market
Which type of market buys goods and services for further processing or for use in the production process?
Wholesale
Reseller
Retail
Consumer
Business
Of the following diversity segments in the American population, which is currently the largest?
Asian Americans
African Americans
Adults with disabilities
Telecommuters
Hispanics
Value marketing is the strategy of offering consumers ________.
little quality at a low price
luxury quality at a high price
reasonable quality at a fair price
lesser quality at a low price
high quality at a high price
Many firms today use RFID technology to ________.
move toward environmental sustainability
track patterns of consumer online behavior
identify new target markets
track products through various points in the distribution channel
analyze threats and opportunities in the macroenvironment
A company or association’s ________ is designed to help guide responses to complex social responsibility
issues.
discretion in enforcing regulations
core value system
cause-related marketing
privacy policy
code of ethics
Watching the cultural trends of how people view society, observers have noted that since September 11, 2001, marketers responded to the increased ________ of Americans with special
products and promotions.
patriotism
distrust
loyalty
belligerence
foreign intolerance
LandPort Transportation and Omega Warehousing move and store the products your company sells. The two businesses are examples of ________.
geographic segments
resellers
marketing intermediaries
marketing services agencies
physical distribution firms
Innovations is a producer of electronic circuits that power a variety of technological devices produced by other companies. Innovations sell its products to ________ markets.
consumer
internal
financial
government
business
With an expected increase in ethnic diversity within the American population, marketers are most
likely to place a greater emphasis on which of the following?
“Us and them” paradigms
Differing advertising messages
Mass marketing
Geographic segmentation
Tiered markets
Despite the data glut that marketing managers receive, they are most likely to complain that
they lack which of the following?
Enough information of the right kind
Primary information
Searchable information
Timely information
Secondary information
A marketing information system (MIS) consists of people and procedures to assess information
needs, ________, and help decision makers analyze and use the information.
critique the needed information
develop the needed information
test market the information
experiment to develop information
question the needed information
The real value of a company’s marketing research and information system lies in the ________.
variety of contact methods it uses
amount of data it generates
quality of customer insights it provides
efficiency with which it completes studies
marketing information system it follows
________ is the systematic design, collection, analysis and reporting of data relevant to a specific
marketing situation facing an organization.
Causal research
The marketing information system
Marketing research
Competitive marketing research
Competitive marketing intelligence
Observational research is best suited for gathering ________ data.
primary
dependent
secondary
causal
competitive
What are the two main types of research instruments used to collect primary data?
Personal interviews and online marketing research
Focus groups and online databases
Online panels and experiments
Questionnaires and mechanical devices
Surveys and samples
Which of the following is the best advice about creating research questionnaires?
Use simple and direct language.
Avoid any personal questions that may make some respondents uncomfortable.
Ask difficult questions in the beginning to “weed out” uninterested respondents.
Questions should not be arranged in any particular order.
Ask personal questions in the middle of the instrument.
You have been asked to locate secondary data for your small organization’s research needs.
Which of the following is NOT a common source for this type of research?
Online surveys
The U.S. Small Business Administration
The Bureau of Economic Analysis
The U.S. Census Bureau
Competitors’ Web sites
Nathan Zabalas owns a regional chain of drug stores. Before expanding nationwide, Nathan is
conducting marketing research to determine the best options for opening new stores. He plans
to start by collecting secondary data. Which of the following is NOT a source of secondary
data that Nathan might use?
Yankelovich’s Monitor
Local chambers of commerce
Commercial online databases
Online questionnaires
Web search engines
Although more price-conscious than other population segments, ________ consumers tend to
be strongly motivated by quality and selection. Brands are important. They seem to enjoy
shopping more than other ethnic groups do.
African American
upper lower
Asian American
upper middle
mature
________ are groups to which an individual wishes to belong, as when a young basketball
player hopes to play someday for the Los Angeles Lakers.
Aspirational groups
Leisure groups
Leading adopter groups
Membership groups
Social class groups
A ________ consists of the activities people are expected to perform according to the persons
around them.
lifestyle
tradition
life cycle
role
motive
A ________ is a need that is sufficiently pressing to direct a person to seek satisfaction.
perception
motive
stimulus
tradition
culture
Maslow’s theory is that ________ can be arranged in a hierarchy.
decisions
stimuli
beliefs and attitudes
human needs
perceptions
People tend to interpret new information in a way that will support what they already believe.
This is known as:
selective attention.
selective attitude.
selective retention.
selective perception.
selective distortion.
________ describes changes in an individual’s behavior arising from experience.
Cognitive dissonance
Perception
Lifestyle
Learning
Attitude shift
According to one analyst, a Harley-Davidson motorcycle can make you feel like “the toughest,
baddest guy on the block.” Harley-Davidson promotes its motorcycles with images of
independence, freedom and power. Harley-Davidson has created a(n) ________.
attitude
brand motivation
brand personality
life-cycle stage
brand self-image
Bob’s job description has been changed. The rationale for the changes made no sense to
Bob when they were explained. Bob continued to perform most of his job duties as usual. He
has engaged in ________.
subliminal attention
selective attention
perceptual defense
selective attitude
selective interpretation
An invitation to go skiing for the weekend forced Donna to look at her current wardrobe. She
decided she needed a much warmer coat. Donna was in which stage of the purchase decision?
Information search
Problem screening
Product evaluation
Need recognition
Situational analysis
Dips in the economy and the instant price comparisons made possible by the Internet have
both contributed to ________.
increased consumer price sensitivity
decreased consumer price sensitivity
a more direct relationship between supply and demand
a less direct relationship between supply and demand
decreased brand loyalty
Another name for systems selling is ________ selling.
blanket contract
negotiated contract
solutions
vendor-managed inventory
periodic purchase
Which of the following types of factors influencing members of a buying center are typically
the most difficult for marketers to assess?
Political
Organizational
Economic
Technological
Interpersonal
Status, empathy and persuasiveness are all examples of ________ influences on business
buyer behavior.
organizational
individual
cultural
interpersonal
environmental
B-to-B e-procurement yields many benefits. These include all of the following EXCEPT:
elimination of much of the paperwork associated with traditional ordering procedures.
elimination of inventory problems.
reduced transaction costs.
reduced order processing costs.
more efficient purchasing for both buyers and sellers.
Sage, Inc. provides food services to schools, hospitals and nursing homes in the Midwest.
Management at Sage is involved in the ________ market.
institutional
global
local
government
not-for-profit
All of the following are difficulties associated with selling to government buyers EXCEPT:
low sales volume.
considerable paperwork.
bureaucracy.
regulations.
large group decision making.
Most newspapers use ________ so they do not need to rely on only one supplier to provide the
tons of paper that they use annually.
blanket contracting
multiple sourcing
vendor-managed inventory
single sourcing
cross-docking
Which of the following is the most popular method for segmenting markets?
Demographic
Behavioral
Gender
Psychographic
Geographic
When Positive Image, Inc. caters to clothing, cosmetics and toiletries markets, it most likely
uses which type of segmentation?
Gender
Readiness
Geographic
Behavior
Occasions
When a business market segment is large or profitable enough to serve, it is termed ________.
actionable
measurable
substantial
accessible
differentiable
Mass marketers, such as Target and Venture Stores, often ignore market segment differences
and target the whole market with one offer. What is their approach to segmenting?
Micromarketing
Undifferentiated marketing
Target marketing
Concentrated marketing
Differentiated marketing
The 55-year-old baby boomers share common needs in music and performers. When a music
company decides to serve this group, the group is called a(n) ________.
niche market
target market
market segment
undifferentiated market
micro market
A product’s position is based on important attributes as perceived by ________.
competitors
managers
consumers
market conditions
suppliers
Which positioning strategy offers consumers a “good deal” by offering equivalent-quality
products or services at a lower price?
less-for-much-less
more-for-the-same
more-for-less
same-for-less
all-or-nothing
“Less-for-much-less” positioning involves meeting consumers’ ________.
lower quality requirements in exchange for a lower price
high quality requirements at the lower possible price
high quality requirements at a discounted rate
quality performance requirements at a lower price
lower quality requirements at the lowest possible price
Product planners need to consider products and services on three levels. Each level adds
more customer value. The most basic level is the ________, which addresses the question,
“What is the buyer really buying?”
core customer value
co-branding
actual product
augmented product
exchange
Which of the following capital items is NOT considered accessory equipment?
buildings
hand tools
desks
chairs
lift trucks
In recent years, product safety and environmental responsibility have become major ________
concerns.
packaging
product line
service
branding
product mix
A ________ is a group of products that are closely related because they function in a similar
manner, are sold to the same customer groups, are marketed through the same type of
outlets, or fall within given price ranges.
convenience product
private brand
product bandwidth
product line
line extension
An alternative to product line stretching is ________, adding more items within the present
range of the line.
co-branding
service marketing
interactive marketing
product mixing
product line filling
A company can increase its business in four ways. Which is NOT one of these ways?
It can add new product lines, thus widening its product mix.
It can lengthen its existing product lines.
It can add more versions of each product and thus deepen its product mix.
It can increase the consistency of its product mix.
It can discontinue some of its lines.
All of the following are methods for developing a differentiated service offer, delivery or image
EXCEPT ________.
increasing the quantity of service by giving up some durability
having more reliable customer-contact people
designing a superior delivery process
developing symbols and branding
offering innovative features
The total financial value of a brand is estimated through the process of brand ________.
equity
positioning
differentiation
extension
valuation
A ________ involves the use of a successful brand name to launch new or modified products
in a new category.
private brand
line extension
brand symbol
brand extension
product line
Under what circumstances might it be wise for a company to do little or no test marketing?
When the product has no substitutes and is new in its category
When the costs of developing and introducing the product are low
When a new product requires a major investment
When management is not sure of the product
When management is not sure of the marketing program
The team-based new-product development approach uses cross-functional teams that overlap
the steps in the process to achieve which of the following goals?
Save time and increase effectiveness
Speed product to market and reduce costs
Increase effectiveness and employee satisfaction
Save time and eliminate errors
b and d
________ is the product life cycle period when sales fall off and profits drop.
Decline
Growth
Introduction
Development
Maturity
All of the following are stages in the PLC EXCEPT ________.
growth
decline
maturity
introduction
adoption
Mattel’s Barbie is an example of an age-defying product. Barbie, simultaneously timeless and
trendy, is in the ________ stage of the PLC.
introduction
adoption
growth
decline
maturity
It’s What’s Hip, a chain of 18 music and CD stores, has discovered that carrying a weak
product during the decline stage of the PLC can be very costly to a firm, and not just in profit
terms. Which one of these is NOT likely to be one of those costs?
Takes up much of management’s time
Requires advertising and sales force attention
Frequent price and inventory adjustment
Negatively affects the company’s reputation
Requires too much focus on new-product development
Price is the only element in the marketing mix that produces ________.
variable costs
stability
outfixed costs
expenses
revenue
Walmart is famous for using what important type of value pricing?
Cost-plus pricing
Competition-based pricing
Penetration pricing
Everyday low pricing
Break-even pricing
Costs that do not vary with production or sales level are referred to as ________.
target costs
variable costs
fixed costs
total costs
unit costs
With target costing, marketers will first ________ and then ________.
determine a selling price; target costs to ensure that the price is met
use skimming pricing; penetrating pricing
design the product; determine its cost
build the marketing mix; identify the target market
identify the marketing mix; determine product cost
A company should set prices that will allow ________ to receive a fair profit.
producers
competitors
the market
consumers
resellers
In the case of services, captive product pricing is called ________ pricing.
segmented
by-product
two-part
bundle
optional product
Companies involved in deciding which items to include in the base price and which to offer as
options are engaged in ________ pricing.
optional product
skimming
product bundle
captive product
by-product
What type of pricing is being used when a company temporarily prices its product below the
list price or even below cost to create buying excitement and urgency?
Promotional pricing
Basing-point pricing
Referent pricing
Segmented pricing
Psychological pricing
Which of the following is NOT an effective action that a company can take to combat a
competitor’s price cut on a product?
Raise perceived value
Launch a low-price “fighter brand”
Improve quality and decrease price
Reduce price
Improve quality and increase price
Intermediaries play an important role in matching ________.
manufacturer to product
product to region
dealer with customer
information and promotion
supply and demand
Companies today are placing greater emphasis on ________.
profitability
logistics
co-op advertising
efficiency
conflict reduction
________ logistics controls the movement of products from points of production to consumers.
Outbound
Reverse
Inbound
Horizontal
Vertical
Which of the following is the best example of a direct channel?
A farmer in Columbia sells flowers to an international broker who makes sure the flowers reach consumers in the United States.
Family Dollar Store sells modeling clay to school-age children.
A wholesaler sells candy to convenience stores who then sell it to store patrons.
J&L Manufacturing Company sells drapery hardware to The Home Depot’s Design Center and the Design Center then sells it to consumers.
Farmer Mintz sells corn to the Hughes household, who will eat it for supper.
Specialty stores carry ________ with ________ within them.
narrow product lines; shallow assortments
wide product lines; deep assortments
narrow product lines; deep assortments
convenience items; mostly staples
wide product lines; shallow assortments
In-store demonstrations, displays, contests and visiting celebrities are examples of ________.
broker promotions
agent promotions
sales promotions
franchises
product life-cycling
Most shopping centers are ________ containing between 5 and 15 stores; they are close and
convenient for consumers.
community shopping centers
lifestyle centers
strip malls
power centers
factory outlets
________ are the largest group of wholesalers. The group can be divided into the two broad
types of full-service and limited-service.
Merchant wholesalers
Specialty wholesalers
Agents
Manufacturer sellers
Brokers
The use of short-term incentives to encourage the purchase or sale of a product or service is
called ________.
personal selling
public relations
sales promotion
publicity
direct marketing
To communicate effectively, a marketing communicator must ________ the consumer’s field of
experience.
reference
share
create
compete with
understand
The six buyer-readiness stages include all of the following EXCEPT ________.
conviction
hesitation
awareness
knowledge
liking
All of the following are strategies a marketer would use to lead consumers into making the
final step toward a purchase EXCEPT which one?
Use extensive “teaser” advertising
Offer rebates
Offer add-on features
Offer special promotional prices
Offer premiums
An ad for Maybelline age-minimizing makeup in Ladies’ Home Journal magazine featured
actress Melina Kanakaredes and offered readers a $1-off coupon when they try the new
makeup. In terms of the communication model, the sender of this message is ________.
Ladies’ Home Journal
the target market to whom Melina Kanakaredes appeals
readers who redeem the $1-off coupon
Maybelline
Melina Kanakaredes
Mercy University’s initial ads for the school’s new MBA program are most likely intended to
create ________.
conviction
awareness
insistence
liking
preference
All of the following are examples of cultural pollution EXCEPT ________.
billboards marring beautiful scenery
spam in an e-mail inbox
ads in magazines
commercials during serious programs
street signs in an urban area
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BA 225 Final Exam Answers
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QUESTION 1
What is the difference between financial accounting and managerial accounting?
QUESTION 2
Explain the two reasons why the shorter the payback period the more attractive the investment is when the payback technique is used?
QUESTION 3
Distinguish between a master budget and a sales forecast.
QUESTION 4
Explain the nature and importance of a job cost sheet.
QUESTION 5
Distinguish among operating, investing, and financing activities.
QUESTION 6
Managers’ activities and responsibilities can be classified into three broad functions. List and discuss each function.
QUESTION 7
Identify and discuss the relevant costs in accepting an order at a special price.
QUESTION 8
Smith & Company claims that the relevant range concept is only important for variable costs. Explain the relevant range concept and discuss whether you agree with Smith & Company.
QUESTION 9
What is a CVP analysis and how is it used in managerial accounting?
QUESTION 10
What is the difference between: unit-level, batch-level, product-level, and facility-level activities?
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ASCM 629 Week 7 – Midterm Examination
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SUPPLY CHAIN LOGISTICS MANAGEMENT MID-TERM EXAMINATION
Each essay answer for questions 1 through 10 is worth ten points. Please use a between 150 and 300 words per answer. Your answer may include content from text or readings, conference discussions, or relevant workplace examples. These must not be merely cut-and-pasted from other sources. Please do not contact a UMUC Reference Specialist in developing any answer, as discussed in the syllabus. Please save the examination with answers as a Microsoft Word document under a new filename the includes your last name, section 9020, and “midterm.” An example is \scheer9020midterm.doc .
Please include your name and section number at the heading inside the document. Answers should appear in order, from one through ten. Please make sure you have an answer for each question before submitting it for grading. Completed exams are to be submitted in the mid-term examination assignments folder. These are due before the date indicated in your course schedule. Note that your assignments folder is locked after this time and the exam cannot be submitted.
The test represents 30 percent of your total class grade, so please spend quality time in preparing answers. I estimate that it will take about four to six hours to answer all ten questions; perhaps shorter for some students and more for others.
Please summarize reasons why purchasing is no longer a clerical responsibility but has become a strategic priority.
Describe strategic sourcing as a part of the process to developing a high-performance, sustainable supply base.
Describe and illustrate three issues associated with aligning purchasing objectives with overall organizational objectives.
Why is fostering collaborative supplier relationships at the core of successful supply chain management?
What are issues with an outsourcing decision that affect:
a) Internal or external resources;
b) Transactions costs; and,
c) Business risks.
Illustrate three procurement issues associated with technology innovation.
Describe and illustrate three sustainability challenges within a supply chain.
What is meant by service and services operations within the context of a service-based supply chain?
Illustrate three transportation linkages between logistics management and sustainability.
SCM Globe Simulation: What is the one change that you made which had the most favorable impact upon supply chain effectiveness and efficiency? Please describe the issue which existed, your action, and the results. This discussion must be supported by measurable improvement and the supply chain must be at least as stable as it was prior to the change.
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AS 260 Kaplan Medical Assignment
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Supply List (Document)
Assignment: Type out each question then the answer to each slide.1. Make a list of six, of the necessary equipment and supplies that should be present for a complete physical examination 2. Be sure to show how the equipment is used, for each piece of equipment 3. Summarize the sequence of procedures for the examination.
Sepsis (Document) 1. List each type of sepsis, 2. Identify causes of each, 3. List prevention techniques, 4. Compare and contrast each type.
Create Power Point: Include cover slide/reference slide.
Physical Examinations 1. Identify an illness or disorder that is found by physical examination. 2. What are the steps in the exam? 3. Compare the normal finding to the abnormal finding. Is this a commonly used physical exam evaluation or one only done if the illness is suspected? Complete a power point with title/reference slides and show pictures of instruments that will be used.
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ACTG 212: Principles of Accounting II Financial Analysis Project
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Michael Masterson has brought you a set of financial statements of a company that he is considering investing in as a long-term investment. He is asking for your help in determining if the company would be a good investment for him.
Using the attached financial statements, you need to create a vertical analysis as percentage of Total Assets for the Balance Sheet and as a percentage of Sales for the Income Statement, as well as a horizontal analysis of the Balance Sheet and Income Statement. Complete this for both years. In addition to the vertical and horizontal analysis, you need to calculate the following ratios:
Liquidity & Efficiency:
Current Ratio·
Acid-Test Ratio·
Receivables Turnover· & Days’ Sales Uncollected
Inventory Turnover· & Days’ sales in Inventory
Solvency
Debt Ratio·
Equity Ratio·
Debt to Equity Ratio·
Profitability
Profit Margin Ratio·
Gross Margin Ratio·
Return on Total Assets (ROA)·
Return on Equity (ROE)·
This information then needs to be incorporated into a written memo to Michael Masterson. Be sure to include the following information in your memo.
Introductory Paragraph – This paragraph will be an introduction to your analysis. In this paragraph, explain the importance of analyzing financial statements before investing in a company. Be sure to answer the following questions in your introduction:
1. What is the purpose of creating a vertical analysis and why is it useful in analyzing a potential investment?
2. What is the purpose of creating a horizontal analysis and why is it useful in analyzing a potential investment?
3. Overall, what do each of the three sections of ratios (Profitability, Liquidity & Solvency) tell a person about a company?
Financial Analysis Section – In this section, you will share the results of your calculations and then explain what those results mean in detail. You will need a subsection for the completed vertical analysis and a subsection for the completed horizontal analysis. Within these sections you will include specifics regarding your calculations and what those calculations mean for the company. You will also need to include a sub-section for each of the three types of ratios. Within each of the subsections,
incorporate the ratios in a Table format and then explain what your calculations mean. While you are allowed to include the definition of the ratios in this section, you must specifically explain what your calculation of the ratio means and analyze the data that you have computed.
The subsections of the Financial Analysis Section must be in this order:
1. Vertical Analysis
2. Horizontal Analysis
3. Liquidity and Efficiency Financial Ratios
4. Solvency Financial Ratios
5. Profitability Financial Ratios
Conclusion Paragraph – You need to state if you think the company would be a good investment and why. Give details to support your reasoning.
Formatting Rules:
1. Use a memo format for your project. You may use a template in Word to format it.
2. Your memo should be single spaced. (Skip a space between paragraphs.)
3. Use 1 inch margins.
4. Maximum font size is 12 point.
5. You may use tables to report your financial ratios but they must be broken out in the appropriate section.
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ACTA 337 Financial Statement Analysis Project & Rubric
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Financial Statement Analysis Project & Rubric
Purpose: Students will assume the role of senior management or the board in analyzing the current financial performance of the firm using peer and trend ratio analysis and the Statement of Cash Flows.
Deliverable: The final product will be a typed report that includes financial and ratio data and analysis. Ratio calculations should be calculated in Excel using formulas. The analysis portion of the report may be completed in Excel or Word.
Steps:
Choose a publicly traded firm to analyze. Choices must be approved by the instructor and only one student may choose each firm.
Obtain three years of financial information, including the balance sheet, income statement, and statement of cash flows.
Compile financial information in Excel in such a way that ratios may be easily calculated for each of the three years.
Calculate the ratios discussed in Chapter 17 of the textbook.
Conduct peer and trend analysis for each ratio or groups of ratios. Find industry information or specific firm information to conduct the peer analysis.
Conduct trend analysis of the Statement of Cash Flows. Assess this year’s statement for noteworthy events or activities.
Provide an overall assessment of the firm’s financial performance.
Rubric:
Category
Maximum Points Possible
Financial Information· Financial statements provided and analyzed
· Ratio calculations provided and analyzed
· Accurate use of financial statements
40
Analysis· Accurate peer and trend analysis
· Appropriate consideration of the statement of cash flows
·
80
Report Format· Overall appearance
· Use of appropriate tables, graphs, etc.
· Necessary citations
· Ease of use and reading
· Grammar, punctuation, spelling, etc.
40
Overall Summary Analysis· Strong financial support for the summary
· Pertinent peer and trend information included in the final analysis
40
TOTAL
200
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ACTA 337 Financial Statement Analysis Project & Rubric
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Financial Statement Analysis Project & Rubric
Purpose: Students will assume the role of senior management or the board in analyzing the current financial performance of the firm using peer and trend ratio analysis and the Statement of Cash Flows.
Deliverable: The final product will be a typed report that includes financial and ratio data and analysis. Ratio calculations should be calculated in Excel using formulas. The analysis portion of the report may be completed in Excel or Word.
Steps:
Choose a publicly traded firm to analyze. Choices must be approved by the instructor and only one student may choose each firm.
Obtain three years of financial information, including the balance sheet, income statement, and statement of cash flows.
Compile financial information in Excel in such a way that ratios may be easily calculated for each of the three years.
Calculate the ratios discussed in Chapter 17 of the textbook.
Conduct peer and trend analysis for each ratio or groups of ratios. Find industry information or specific firm information to conduct the peer analysis.
Conduct trend analysis of the Statement of Cash Flows. Assess this year’s statement for noteworthy events or activities.
Provide an overall assessment of the firm’s financial performance.
Rubric:
Category
Maximum Points Possible
Financial Information
· Financial statements provided and analyzed
· Ratio calculations provided and analyzed
· Accurate use of financial statements
40
Analysis
· Accurate peer and trend analysis
· Appropriate consideration of the statement of cash flows
·
80
Report Format
· Overall appearance
· Use of appropriate tables, graphs, etc.
· Necessary citations
· Ease of use and reading
· Grammar, punctuation, spelling, etc.
40
Overall Summary Analysis
· Strong financial support for the summary
· Pertinent peer and trend information included in the final analysis
40
TOTAL
200
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ACCT 6381 Ch 18 – 25 Final Examination
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Q1
The costs for Clark Equipment to make a part in house are displayed below:
Per Unit
Direct Materials$ 3.00
Direct Labor 7.00
Allocated Overhead 10.00
Total Cost$20.00
Moving to an outside vendor will allow Clark Equipment to reduce their overhead costs by 70%. What is the maximum purchase price the company should consider to move to an outside vendor without respect to any other issue?
(present calculations for partial credit). Label your answer.
Q2
When considering a move to outsourcing a process, eliminating a department and all its employees, what issues should be considered? These issues should be financial as well as strategic. Your answer should be presented as a bulleted list.
Q3
What issues should be considered when deciding whether to eliminate a department in a retail store? Your answer should discuss the issues of profitability and include the concept of the contribution format income statement as well as the effect on sales for the store.
Q4
How might the use of a predetermined overhead rate compare to the actual results of the activities affected by the predetermined overhead rate? Your answer should begin by explaining how a predetermined overhead rate is calculated and conclude with why there would be variances from the original estimated values in the calculation (do not discuss any variables except those directly related to the predetermined overhead rate calculation).
Q5
What is the first budget and why is that important? How does it affect all remaining budgets?
Q6
Describe the specific items you would use to calculate how much of a product to produce or acquire for the period? Your answer should be based on the budget chapter as well as on the basic formula related to inventory, discussed at various points throughout our class.
Q7
Your company is building the budget for next year and asks your assistance. How might you use the high low method, including its calculation and the cost formula for total cost. Your answer, focusing on the high low method, should include how costs can be calculated, what purpose the method serves, and what issues may arise regarding the accuracy of the resulting conclusion regarding costs based on the high low method.
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ACCT 550 Midterm Exam 100% Correct Answers
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Description:
(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is
TCO A) Issuance of common stock for cash affects which basic element of financial statements?
(TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
(TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except
(TCO A) The cash method of accounting
(TCO A) Which of the following is an ingredient of relevance?
TCO A) Information is neutral if it
(TCO A) Which of the following is not a basic element of financial statements?
(TCO A) Issuance of common stock for cash affects which basic element of financial statements?
(TCO A) What is the quality of information that enables users to better forecast future operations?
(TCO D) Balance sheet information is useful for all of the following except to
(TCO A) The Financial Accounting Standards Board employs a “due process” system, which
(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is
(TCO D) The net assets of a business are equal to
(TCO A) Why are some of the major differences between iGAAP and U.S. GAAP? Explain in detail.
(TCO C) (TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.
Accounting and legal fees
$150,000
Advertising
$125,000
Freight-out
$65,000
Interest
$80,000
Loss on sale of long-term investments
$35,000
Officers’ salaries
$200,000
Rent for office space
$160,000
Sales salaries and commissions
$110,000
One half of the rented premises are occupied by the sales department. How much of the expenses listed above should be included in Perry’s general and administrative expenses for 201X?
(TCO C) An income statement shows “income before income taxes and extraordinary items” in the amount of $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 that is applicable to an extraordinary gain. Thus, what is the “income before extraordinary items”?
(TCO C) Ivy Co. had the following account balances.
Sales
$ 120,000
Cost of goods sold
70,000
Salary expense
15,000
Depreciation expense
20,000
Dividend revenue
5,000
Utilities expense
6,000
Rental revenue
30,000
Interest expense
10,000
Advertising expense
15,000
What would Ivy report as total expenses in a single-step income statement?
(TCO B) Prepaid rent at 1/1/1X was $25,000. During 201X, rent payments of $123,000 were made and charged to “rent expense.” The 201X income statement shows as a general expense the item “rent expense” in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
(TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
(TCO B) Retained earnings at 1/1/1X was $90,000 and at 12/31/1X it was $210,000. During 201X, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
(TCO B) Unearned rent at 1/1/1X was $6,000 and at 12/31/1X was $15,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.
(TCO D) Which of the following is not an acceptable major asset classification?
(TCO D) An example of an item that is not an element of working capital is
(TCO A) Which of the following is true with regard to the element “comprehensive income”?
(TCO D) The current assets section of the balance sheet should include
(TCO D) Hall Corp.’s trial balance reflected the following account balances at December 31, 201X. Accounts receivable (net)
Accounts receivable (net)
$24,000
Trading securities
6,000
Accumulated depreciation on equipment and furniture
15,000
Cash
11,000
Inventory
30,000
Equipment
25,000
Patent
4,000
Prepaid expenses
2,000
Land held for future business site
18,000
In Hall’s December 31, 201x balance sheet, what is the current assets total?
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ACCT 550 Course Project Balance Sheet and Single-Step Income Statement
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Course Project Title: Balance Sheet and Single-Step Income Statement
Objective
To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles, and Other Assets, as well as Current Liabilities, Long-term Liabilities, and the Equity sections).
Guidelines
Obtain the list of accounts under the title of Course Project in Doc Sharing
Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement
Determine to which subgroup each account belongs
Arrange the accounts in proper order and functionality
Prepare a Comprehensive Balance Sheet in good form
Prepare a Single-step Income Statement in good form
Put the Course Project in the Dropbox for the project in Week 8
Grading Rubrics
Category
Points
%
Description
Making proper selection of accounts relative to the balance sheet or the income statement
30
20
From the provided listing of accounts determine which accounts are Balance Sheet accounts and which accounts are Income Statement accounts.
Putting the accounts into the proper subgroup according to functionality
15
10
Each account belongs to a particular subgroup. The student is to determine which subgroup the account belongs. This should be done according to functionality.
Preparing the balance sheet in good form
45
30
Proper form is important in the preparation of the balance sheet. Examples can be found in the text.
Preparing the income statement in good form
45
30
Proper form is important in the preparation of the income statement. Examples can be found in the text.
Ensuring that the Balance Sheet and the Income Statement have been computed correctly
15
10
It is important that the balance sheet and income statement are computed correctly and have the correct totals. An incorrect total in any part of the financials can invalidate the entire project.
Total
150
100
A quality project will meet or exceed all of the above requirements.
Course Project Listing of Accounts:
Accounts Payable $197,532
Account Receivable 165,824
Accrued Interest on Notes Payable 500
Accrued Liabilities 9,500
Accumulated Depreciations 341,200
Additional Paid-in Capital 37,500
Administrative Expenses 350,000
Allowance for doubtful accounts 1,850
Building 975,800
Cash 42,485
Common Stock 400,000
Copyrights 105,000
Cost of Goods Sold 1,000,000
Customer Deposits
(expected to be paid next year) 420
Deposits with Vendors
(based on a long-term purchase contract) 50,000
Depreciation Expense
(40% – Selling, 60% – Administrative) 100,000
Dividend Income 30,000
Goodwill 100,000
Income Tax Expense 82,250
Income Taxes Payable 62,520
Interest Revenue 25,000
Inventories 499,493
Investments in Warren Co. 87,500
Land 125,000
Mortgage Payable ($1,500 per month) 308,000
Notes Payable to Banks 50,000
Notes Receivable (due next year) 23,000
Patents 125,000
Preferred Stock, 7% 300,000
Prepaid Expenses 16,252
Rental Income 50,000
Retained Earnings 162,582
Selling Expenses 300,000
Salaries Payable 52,000
Sales Discounts 120,000
Sales Revenue 2,000,000
Securities (available for sale) – at fair
Market value 28,250
Trademarks 80,000
Twenty-year, 12% Bonds, due 1/1/2013 500,000
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ACCT 540 week 2 Course Project – ABC Investment Group
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You have been hired as a consultant for ABC Investment Group. ABC incorporated in 1999 and manages investment portfolios for small to medium size companies. The Director of the company is not up to speed on how unrealized gains and losses as well as realized gains and losses on bonds should be accounted for. The Director has been told that under certain conditions unrealized gains and losses can be accounted for in the income statement and accounted for as part of other comprehensive income under other conditions. The Director is also unclear as to how to determine whether a security is impaired and how to determine the amount that is required to be written down. You have been asked to look into these issues and determine the proper accounting treatment for bonds.
Assignment
In a minimum of 5 to 7 sentences, summarize the background of your case and indicate any assumptions that you are making regarding the case. Define your problem statement and research question(s).
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ACCT 525 Week 4 Assignment Solution
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Read “It’s Time for Principles-Based Accounting Ethics” which can be accessed through the DeVry online library. In 3-4 pages (12-pt type, double-spaced) answer the following questions:
1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not? 2. Describe the five cardinal virtues of professional accountants that the article’s authors discuss. 3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations? 4. Compare and contrast the AICPA’s Code of Professional Conduct and the IFAC Code of Ethics for Professional Accountants.
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