Exams
ECO 365 Exam Guide: Consumer Surplus Topics
ECO 365 Final Exam Answer Guide for Consumer Surplus Consumer surplus occurs when the price a consumer actually pays is less than they are willing to pay for a given product. The demand curve indicates the price consumers are willing to pay for goods at various quantities based [...]Read more
ECO 365 Exam Guide: Supply Curves and Demand Curves
ECO 365 Final Exam Answer Supply Curves and Demand Curves Supply curves and demand curves are among the most important visualizations to understand in the field of economics. This section will cover answers that use these visual aids to explain the relationship between supply and [...]Read more
General Business Answers for BUS 475 Final Exam 2017
Which of the following requirements about internal controls were enacted under the Sarbanes Oxley Act: Companies must develop sound internal controls over financial reporting. Explanation: Under SOX, companies are required to create internal controls that prevent fraud that could [...]Read more
Strategic Management Answers for BUS 475 Final Exam 2017
The four key attributes of strategic management include the idea that: Strategy must be directed toward overall organizational goals and objectives. Explanation: Strategic management is all about setting the specific mission, vision, and core values of the organization. Strategy [...]Read more
Finance Answers for BUS 475 Final Exam 2017
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? $1,800 [...]Read more
Statistics Answers for BUS 475 Final Exam 2017
You work in marketing for a company that produces work boots. Quality control has sent you a memo detailing the length of time before the boots wear out under heavy use. They find that the boots wear out in an average of 208 days, but the exact amount of time varies, following a [...]Read more
Accounting Answers for BUS 475 Final Exam 2017
Which of the following is not a current liability on December 31, 2014? A Note Payable due December 31, 2015 Explanation: The next fiscal year will start on Jan 1st, 2015. A current liability must be payable in full within 1 year or less. Therefore, the note payable is the [...]Read more
What happens when there is a change in estimated depreciation?
When there is a Change in Estimated Depreciation Correct Answer = Explanation This situation occurs commonly in the real world and it is not practical to revise estimates from past accounting periods. That being said, the best approach is to make revisions in the current [...]Read more
Civil Liability and Contract Law – Business Law Study Guide 2017
In which of the following methods of alternative dispute resolution must parties to a case employ a neutral third party to settle their dispute? Arbitration Explanation: Arbitration is conducted by allowing a moderator to make a legally binding ruling on a case, just as if it [...]Read more
Employee/Employer Relations and Civil Rights – Business Law Study Guide 2017
Steve Templeton, the CEO of Rolland Motor Company, is contemplating the shutdown of a plant in Kantron. The plant has been unprofitable for some time now, and there is increasing pressure from shareholders to shut it down so as narrow the loss being incurred by the shareholders. [...]Read more