HW-2199 Semester Exam

Question - 1
Since financial information is communicated in accounting terms, accounting is said to be:
not worth the cost of the system.

private.

the language of business.

the mission of business.


Question - 2
A partnership is a business owned by:

one person.

two or more persons.

three or more persons.
stockholders.


Question - 3
An increase to which one of the following accounts will decrease owner’s equity?

Accounts Payable

Accounts Receivable

Delivery fees revenue
Drawing


Question - 4
An example of an asset account is which one of the following?

Advertising expense

Delivery fees revenue

Supplies

Unearned fees revenue

Question – 5
Which one of the following steps is not part of the journalizing process?

Enter the date

Enter the debit

Enter the credit

Enter the balance



Question - 6
When delivery equipment is purchased on account, the transaction to be recorded by the purchaser includes debiting:

Delivery Equipment and crediting Accounts Payable.

Delivery Equipment and crediting Cash.

Delivery Expense and crediting Accounts Payable.

Delivery Expense and crediting Cash.



Question - 7
The amount of supplies used by the business during an accounting period is a/an __________ to the business.

asset.

expense.

liability.

revenue.


Question - 8
If the book value of an asset is $12,300 and the accumulated depreciation is $2,700, the original cost of the asset was __________.

9600


12300

15000

17700


Question - 9
In completing the work sheet, what is the reason for adding the net income for the year to the balance sheet credit column total?





Question - 10
Owner’s equity at the beginning of the accounting period is $38,000. Net income for the period is $40,000. Investments by the owner during the period total $15,000. Withdrawals by the owner during the period total $20,000. The owner’s equity at the end of the accounting period is __________.

73000

78000

93000

113000



Question - 11
Which one of the following was NOT an element of Franklin D. Roosevelt’s New Deal?





Question - 12
The main reason that the United States’ standard of living is so much higher than that of India and China is that the U.S. has more:

land.


labor.

capital.

money.


Question - 13
When the price floor is higher than the equilibrium price, there is:

a surplus.

a shortage.

both a shortage and a surplus.

neither a shortage nor a surplus.

Question - 14
The largest component of Gross Domestic Product (GDP) is:

net exports (Xn).

investment (I).

consumption (C).

government purchases (G).



Question - 15
Which one of the following is a transfer payment?

Question - 16
GDP is $7 trillion. If consumption (C) is $5 trillion, investment (I) is $2 trillion, and government purchases (G) are $1 trillion; then:





Question - 17
If the nominal interest rate is 8% and prices generally increase 3%, the real rate of interest is __________.

0.03

0.04

0.05

0.06


Question - 18
Fiscal policy deals with each of the following except:
the money supply.

government spending.

taxation.

the federal budget.


Question - 19
If First Interstate Bankcorp has demand deposits of $8 billion, actual reserves of $1.4 billion, and the reserve requirement is 15 percent, the bank’s excess reserves are:

$100 million.

$200 million.

$400 million.

$800 million.


Question - 20
The conventional monetary policy to fight inflation would be to:






Question - 21
Which of the following is NOT demonstrated by a production possibility curve?






Question - 22
The market price __________ the equilibrium price.






Question - 23
The poverty line is set:

by the U.S. Bureau of the Census (based on family food budgets).

at the same income level right now as it's been since 1982.

so high that over 30% of all Americans are officially poor.

by the United Nations for every country in the world.


Question - 24
If a monopolist has a straight-line demand curve, then its marginal revenue curve will:






Question - 25
As long as total utility is increasing, we know that marginal utility is:

positive.

decreasing.
increasing.

negative.


Question - 26
A key reason that our gasoline prices elevated rapidly from 2006 to 2008 was:






Question - 27
In order for real wages to grow:

productivity must grow.

productivity must fall.

money wages must grow.

money wages must fall.


Question - 28
The substitution effect and the output effect work in the:






Question - 29
The law of demand holds for:






Question - 30
A firm will maximize its profits or minimize its loss at the output where:





Question - 31
Instructions are:

the same as outcomes.

always a list of sequential steps that must be taken in order.

sometimes options that can be applied in any order.

impossible to understand.


Question - 32
Plans:
cause people to become too restrained.

cannot be changed.

can only be achieved in one specific way.

do not ensure accomplishment, but they boost the odds of success.



Question - 33
Many of the memory glitches in everyday life result from failure to concentrate. Which of the following techniques are recommended by the textbook authors for improving attention?

Question - 34
Which of the following are examples of mnemonic devices?

Memory traps, remembering names, and using your brain

Creative sentences, the loci system, and the peg system

Reciting, repeating, and writing it down

The scrutinize method, the summarize method, and the restatement method


Question - 35
Muscle Reading is a specific three-phase technique for extracting ideas and information from a textbook; the three phases:






Question - 36
In preparing successfully before taking an exam, you should:






Question - 37
In the critical thinking process, what strategies are parts of the process of seeking out different points of view?





Question - 38
According to the textbook, the four ways to solve problems critically are:






Question - 39
One problem encountered in the communication process is that:


Question - 40
The effective writing process includes the phases of:

Question - 41
Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7(x - 4) = x + 2

{-7 ,conditional}

{7, Identity}

{5, conditional}

{2, inconsistent equation}

Question - 42
Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7x + 13 = 2(2x - 5) + 3x + 23

Ø; conditional equation

Ø; Inconsistent equation

Ø; identity equation

{-1}; Inconsistent equation


Question - 43
Determine the value of A so that the line whose equation is Ax + y - 2 = 0 is perpendicular to the line containing the points (1, -3) and (-2, 4).

– 3/7


5/9

–2/5

3/8


Question - 44
Find the horizontal asymptote as x --> 8 and then describe what this means in practical terms. F(x) = 150x + 120/0.05x + 1; the number of bass, f(x), after x months in a lake that was stocked with 120 bass.






Question - 45

Solve the following logarithmic equation. Be sure to reject any value of x that is not in the domain of the original logarithmic expressions. Give the exact answer. Then, where necessary, use a calculator to obtain a decimal approximation, to two decimal places, for the solution:

{16/2}

{62/3}

{9/3}

{11/5}



Question - 46

Solve the following system:

{(4, -1)}

{(1, -3)}

{(4, -2)}
{(1, -5)}



Question - 47

Solve the following system of equations using matrices:
{(t, t 1, t)}

{(t, t 0, t)}

{(t, t - 2, t)}

{(t, t - 1, t)}


Question – 48


Solve for x only using Cramer’s Rule.

x = 7

x = 9

x = 2

x = -3


Question - 49

For the following ellipses determine location of its foci.

foci at (0, 2 + v11), (0, 2 - v11)

foci at (0, 5 + v21), (0, 5 - v21)

foci at (0, 3 + v25), (0, 3 - v25)

foci at (0, 1 + v36), (0, 1 - v36)


Question - 50
You are taking a multiple-choice test that has five questions. Each of the questions has three answer choices, with one correct answer per question. If you select one of these three choices for each question and leave nothing blank, in how many ways can you answer the questions?

198 ways

290 ways

243 ways

364 ways

ANSWER WILL BE SENT ON EMAIL.