What is the formula for the break-even point of a simple profit model? - All answers 100% correct

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Dated: 17th May'17 10:25 PM
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1. Question : What is the formula for the break-even point of a simple profit model?

Student Answer: Fixed Cost / Variable Cost Per Unit

Selling Price Per Unit - (Fixed Cost / Variable Cost Per Unit)

Fixed Cost / (Variable Cost Per Unit - Selling Price Per Unit)

(Selling Price Per Unit -Variable Cost Per Unit) / Fixed Cost

Fixed Cost / (Selling Price Per Unit -Variable Cost Per Unit)

Question 2. Question : Historical data indicates that only 20% of cable customers are willing to switch companies. If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that exactly 2 customers would be willing to switch their cable?

Student Answer: 0.206

0.1

0.137

0.04

0.794

Question 3. Question : Below is an opportunity loss table. What decision should be made based on the minimax regret criterion?

Student Answer: Alternative 1

Alternative 2

Alternative 3

State of Nature A

Does not matter

Question 4. Question : Enrollment in a particular class for the last four semesters has been 122, 128, 100, and 155 (listed from oldest to most recent). The best forecast of enrollment next semester, based on a three-semester moving average, would be

Student Answer: 116.7

127.7

168.3

135.0

126.3

Question 5. Question : The "point at which to reorder" depends directly on which of the following?

Student Answer: ordering cost

lead-time

storage costs

EOQ

unit purchasing cost

Question 6. Question : Which of the following is not a property of all linear programming problems?

Student Answer: A computer program

The presence of restrictions

Optimization of some objective

Usage of only linear equations and inequalities

Alternate courses of action to choose from

Question 7. Question : Given an activity's optimistic, most likely, and pessimistic time estimates of 4, 14, and 18 days respectively, compute the PERT expected activity time for this activity.

Student Answer: 12

11

13

14

None of the above

Question 8. Question : A vendor selling newspapers on a street corner is an example of a:

Student Answer: multichannel, single-phase system.

single-channel, single-phase system.

multichannel, multiphase system.

single-channel, multiphase system.

none of the above

Question 9. Question : R-charts measure changes in:

Student Answer: number of defects per production lot.

natural variations.

central tendency.

degree of variation.

none of the above

uestion 10. Question : Refer to the Table below. Bags of chocolate candy are sampled to ensure proper weight. The overall average for the samples is 36 ounces. Each sample contains twelve bags. The average range is 1.3 ounces. The upper control chart limit for the sample averages would be:

Student Answer: 38.310

37.1258

36.3458

36.6279

35.6542

Question 11. Question : When customers don't know what they want or don't even know what's possible, the most effective marketing strategy is ____________ marketing.

Student Answer: customer-driven

customer-driving

societal

ambush

affinity

Question 12. Question : Coronary Foods has contracted with UPS to manage all their shipping, warehousing, and store deliveries, including stocking the shelves at big box stores. What part of the marketing mix is UPS providing?

Student Answer: Product

People

Place (distribution/logistics)

Proof (physical evidence)

Process

Question 13. Question : In most cases, what is the most expensive promotion tool?

Student Answer: Advertising

Personal selling

Mass media

Public relations

Publicity

Question 14. Question : The selling concept is typically practiced ____________.

Student Answer: to balance consumers' wants, the company's requirements, and the society's long-run interests

with products that offer the most in terms of quality, performance, and innovative features

when the company focuses on building long-term customer relationships

with goods that buyers normally do not think of buying

by customer-driven companies

Question 15. Question : __________ involves dividing a market into nations, states, and regions.

Student Answer: Demographic segmentation

Geographic segmentation

Psychographic segmentation

Behavioral segmentation

Question 16. Question : Responding to very strict "green" legislation, the chemical firm Atticus Environmental is touting the safety of its consumer-based vegetable garden insecticide, claiming it bio-degrades in 90 days, which is twice as fast as required by the new law. Which environmental factor is the firm hoping to leverage for additional sales?

Student Answer: Technological

Social

Political

Economic

Competition

Question 17. Question : ____________ is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers.

Student Answer: Customer-perceived value

Customer lifetime value

Share of customer

Customer-managed relationship

Brand value proposition

Question 18. Question : Patty's Party Palace plans all year for their Halloween spectacular specializing in adult versions of animated characters such as Snow White and the Little Mermaid. Which subset of behavioristic segmentation would Patty most likely use?

Student Answer: Heavy/light user

Price

Psychographic

Occasion

Holiday

Question 19. Question : The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ____________.

Student Answer: market penetration

product development

mass marketing

market development

product adaptation

Question 20. Question : The firm that makes Betty Sue's Down Home Pork Rinds found that their best customers enjoy NASCAR, pro wrestling, family gatherings, and are politically conservative. These are considered to be the ____________ of the market segment

Student Answer: demographics

psychographics or lifestyle

social planning elements

customer attributes

media choices

Question 21. Question : Which of the following budgets is a major part of the master budget and focuses on the income statement and its supporting schedules?

Student Answer: Sales budget

Capital expenditures budget

Operating budget

Cash budget

Question 22. Question : Totals of various columns from the work sheet are shown below. What is the net income or loss?

Student Answer: Net loss of $4,300

Net loss of $1,750

Net income of $4,300

Net income of $1,750

Question 23. Question : Which of the following is not a use of international accounting standards?

Student Answer: As national requirements

As standards to be violated to improve intercountry comparability

As an international benchmark for those countries that develop their own requirements

By regulatory authorities for domestic and foreign companies

Question 24. Question : What is the name given to the agreement between the FASB and IASC to harmonize accounting standards?

Student Answer: The Norwalk Agreement

The London agreement

The Washington D.C. agreement

The Paris Accords

Question 25. Question : Which of the following entries would be made to record the purchase of $20,000 of raw materials on account for Jake's Custom Furniture?

Student Answer:

Question 26. Question : How many members serve on the IASB?

Student Answer: 16

18

20

22

Question 27. Question : How does the IASC enforce its standards?

Student Answer: Through the International Organization of Securities Commission

Through the concept of best endeavors

Through the Securities and Exchange Commission

Through the Financial Accounting Standards Board

Question 28. Question : Buildings, land, and equipment would be classified as:

Student Answer: current assets.

long-term assets.

fixed assets.

B or C.

Question 29. Question : The net sales for a company were $3,600,000; gross profit was $600,000; and net income was $260,000. The rate of return on net sales would be:

Student Answer: 0.2389.

0.1667.

0.0722.

0.4333.

Question 30. Question : There are more __________ than any other form of business organization.

Student Answer: partnerships

sole proprietorships

limited liability partnerships

corporations

Question 31. Question : Suppose that the XYZ industry produces a product that results in negative external costs to society. This information suggests that:

Student Answer: resources are under-allocated to the industry.

the equilibrium market price of the product includes the external costs borne by society.

resources are over-allocated to the industry.

at the market price, quantity demanded is less than quantity supplied.

Question 32. Question : Suppose the U.S. can produce 4 tons of food or 3 yards of cloth, while Mexico could produce 12 tons of food per hour and 6 yards of cloth per hour. Assuming constant opportunity costs, it is likely that:

Student Answer: the United States will export food.

Mexico will import cloth.

the United States will import both cloth and food.

Mexico will import both cloth and food.

Question 33. Question : A firm could lower prices and still increase revenue if:

Student Answer: demand is elastic.

elasticity of demand is equal to unity.

demand is inelastic.

elasticity of demand is equal to zero.

Question 34. Question : In order to maximize utility, a consumer should allocate money income so that:

Student Answer: the marginal utility of the last unit of each product consumed is greater than the total utility of each product consumed.

the total utility derived from each product consumed is the same.

the marginal utility obtained from the last dollar spent on each product is the same.

the elasticity of demand on all products purchased is the same.

Question 35. Question : The rate of unemployment is calculated as the number of:

Student Answer: unemployed workers divided by the number of employed workers.

people in the civilian labor force divided by the number of unemployed.

unemployed divided by the number of people in the civilian labor force.

employed workers divided by the number of unemployed workers.

Question 36. Question : Using trade restrictions to protect special interests such as the U.S. auto industry:

Student Answer: results in lower prices for U.S. auto consumers.

raises the prices that U.S. consumers must pay for autos.

is a very cost-efficient way of dealing with trade problems.

is the best long-term solution for threatened U.S. jobs.

Question 37. Question : Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers. We know with certainty that these two simultaneous events will cause which of the following?

Student Answer: No change in the equilibrium quantity and a reduction in the equilibrium price

An increase in the equilibrium quantity and in the equilibrium price

A decrease in the equilibrium quantity and an indeterminate change in the equilibrium price

A decrease in the equilibrium quantity and an increase in the equilibrium price

Question 38. Question : Microeconomics is the study of:

Student Answer: the behavior of the economy as a whole.

how rising prices affect the level of employment in the economy.

how individuals and firms make decisions.

the effect that money has in the economic system.

Question 39. Question : A firm seeking to maximize economic profits should produce at the output at which

Student Answer: total revenue equals total cost.

marginal revenue equals marginal cost.

average revenue equals average cost.

marginal revenue equals average revenue.

Question 40. Question : When money is accepted as payment in a market transaction, it is functioning as a:

Student Answer: store of value.

unit of accounting.

medium of exchange.

unit of investment.

Question 41. Question : In relation to investments made by the firm, retained earnings:

Student Answer: have no costs since they are owned by the firm.

are sunk costs.

have an opportunity cost associated with them.

have the lowest cost of all financing sources.

Question 42. Question : Foreign sales expose a firm to:

Student Answer: reduced transaction exposure.

reduced translation exposure.

reduced translation and transaction exposure..

exchange risk and political risk.

Question 43. Question : What impact will an increase in risk usually have on the required rate of return on an investment?

Student Answer: A decrease

An increase

An increase and then a decrease

No impact

Question 44. Question : A previously incurred cost that cannot be recovered is a(n):

Student Answer: opportunity cost.

current liability.

operating lease.

sunk cost.

Question 45. Question : __________ leverage magnifies the effect of changes in sales on earnings per share.

Student Answer: Financial

Put

Operating

Total or Combined

Question 46. Question : A compensating balance:

Student Answer: raises the nominal interest rate.

lowers the nominal interest rate.

raises the effective interest rate.

lowers the effective interest rate.

Question 47. Question : Which of these shows financing sources in order from least costly to most costly?

Student Answer: New common stock, retained earnings, long-term debt

Retained earnings, new common stock, long-term debt

Retained earnings, long-term debt, new common stock

Long-term debt, retained earnings, new common stock

Question 48. Question : A firm's capital structure is composed of the following sources and after-tax costs: 30% long-term debt (cost 6%), 10% preferred stock (cost 8%), and 60% common stock (cost 14%). The weighted average cost of capital is:

Student Answer: 10 percent.

11 percent.

12 percent.

13 percent.

Question 49. Question : What is the present value of $100 received in one year, $200 received in two years, and $300 received in three years if the opportunity cost is 12%?

Student Answer: $417

$462

$517

$562

Question 50. Question : If the exchange rate between the U.S. dollar and the Euro is $1.40 per Euro, how many Euros will be needed to purchase a $10,000 asset?

Student Answer: 0.0001

7,143

10,000

14,000

Question 51. Question : Damages in excess of any actual loss are:

Student Answer: punitive damages.

compensatory damages.

restitution.

nominal damages.

Question 52. Question : Real property is:

Student Answer: immovable.

movable.

either A or B.

none of the above.

Question 53. Question : A portable trailer is an example of:

Student Answer: real property.

personal property.

subsurface property right.

none of the above.

Question 54. Question : If the harmed person does not attempt to mitigate his damages, recovery is limited to:

Student Answer: damages for direct loss.

nominal damages.

damages for consequential loss.

exemplary damages.

Question 55. Question : Statutes of limitations apply, for the most part, to:

Student Answer: both criminal and civil wrongs.

criminal wrongs only.

civil wrongs only.

none of the above.

Question 56. Question : Farida tells Jose that her boss, Marco, takes illegal drugs at the office. Marco does not take illegal drugs.

Student Answer: This is slander whether it is true or not.

This is slander only because it is untrue.

This is an intentional tort.

This is malice.

Question 57. Question : Which of the following are torts?

Student Answer: Slander

Assault and battery

Wrongful interference with another's business rights

All of the above.

Question 58. Question : Torts are specifically:

Student Answer: physical crimes against persons.

physical crimes against persons or property.

civil wrongs causing injuries to others not arising from breach of contract.

none of the above.

Question 59. Question : A duty to pay the reasonable value rendered when there is no actual contract would be called:

Student Answer: quasi-contractual.

quasi-enforceable.

semilawful.

valid.

Question 60. Question : Ralph comes onto Garzon's property to help Tim who has fallen and struck his head. Ralph may:

Student Answer: have committed trespass.

have a defense to trespass.

have committed wrongful interference.

none of the above.

Question 61. Question : Planning is concerned with __________.

Student Answer: both ends and means

means only

neither ends nor means

ends only

Question 62. Question : What final step must occur before the process of decision making can be completed?

Student Answer: The statement of a problem

The implementation of an alternative

The establishment of criteria

The evaluation of the decision

The development of alternatives

Question 63. Question : The avoidance of premature judgments is a large part of __________.

Student Answer: information overload

selective perception

filtration

active listening

verbal intonation

Question 64. Question : Which organization would the transformational model probably least likely be applied to?

Student Answer: A car repair shop that also sells automotive parts

A major chain sporting goods store

A wholesale clothing retailer

A small lawn care business

A family-style restaurant

Question 65. Question : Which of the following is not a step in the strategic planning process?

Student Answer: Mission statement

Strategic plan

Organizational planning

Annual plan

Question 66. Question : A project team is plagued by many issues, including communication programs and a discrepancy in norms between members. Some issues, however, are not present, including issues of polite agreement that would otherwise impede progress. What type of team is this most likely describing?

Student Answer: Cross-functional team

Informal team

Command team

Global team

Self-managed team

Question 67. Question : For what purpose are political skills most useful to a manager?

Student Answer: Delegating tasks to others

Securing scarce resources

Performing job-specific skills

Analyzing business situations

Motivating employees

Question 68. Question : Is objective setting top-down or bottom-up?

Student Answer: Neither

Top-down

Bottom-up

It is case specific

Question 69. Question : Which one of the four functions of management includes the coordination of activities to meet organizational goals?

Student Answer: Controlling

Planning

Organizing

Leading

Commanding

Question 70. Question : Affirmative action programs seek to make sure that employers __________ minority groups.

Student Answer: enhance employment opportunities for

establish training programs for

provide unemployment benefits for

pay equal wages to

Question 71. Question : ___________ is a suite of applications called modules, a database, and a set of inherent processes for consolidating business operations into a single, consistent, computing platform.

Student Answer: Enterprise resource planning

Customer relationship management

Enterprise application integration

Business process reengineering

Question 72. Question : When a network does not have a server, all the computers essentially are equal, and programs and data are distributed among them. This is called a __________ network.

Student Answer: local area

simple

peer-to-peer

PC-to-PC

Question 73. Question : A(n) __________ server is a computer responsible for directing internet traffic.

Student Answer: Web

Protocol

DNS

ISP

Question 74. Question : DSL is a type of an Internet __________.

Student Answer: connection

protocol

address

server

Question 75. Question : Most web pages are created using the __________ programming language to describe the format of a Web page.

Student Answer: HTML

HTTP

Java

Javascript

Question 76. Question : A relational DBMS allows you to create database structures containing __________.

Student Answer: fields

tables

table relationships

all of the above

Question 77. Question : C++ and Java are examples of __________.

Student Answer: machine language

high-level language

low-level language

assembly language

Question 78. Question : A(n) __________ is a computer program that senses when another computer is attempting to scan the disk or otherwise access a computer.

Student Answer: intrusion detection system

keylogger

botnet

access control system

Question 79. Question : Brenda, the sales manager of a firm, wants to generate a particular report containing sales analyses of the second and third quarter of the year. She should use a __________ to obtain the information that she wants from the database.

Student Answer: report

data model

database administrative function

query

Question 80. Question : Which of the following conditions exist when data are isolated in separated information systems?

Student Answer: Information overload

Encapsulation

Information silo

Data segregation

What is the formula for the break-even point of a simple profit model? - All answers 100% correct
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