BUS 475 Week 4 Knowledge Check

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BUS 475 Week 4 Knowledge Check
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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
• 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 1642 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 y3710 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. 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
• 7. 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

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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 companys
  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 SarbanesOxley 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 companys 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 valuepreferred 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
• 20. The SarbanesOxley 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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