475-final-exam-8 | Business & Finance homework help


BUS 475 Final Exam8

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1) The first step in activity-based costing is to __________.

A.  identify the cost driver that has a strong correlation to the activity cost pool

B.  identify and classify the major activities involved in the manufacture of specific products

C.  assign manufacturing overhead costs for each activity cost pool to products

D.  compute the activity-based overhead rate per cost driver


2) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

A.  It should sell an equal quantity of both

B.  Selling either results in the same additional income for the company

C.  Beer

D.  Wine


3) Balance sheet accounts are considered to be __________.

A.  nominal accounts

B.  capital accounts

C.  temporary stockholders’ accounts

D.  permanent accounts


4) In what situations will a static budget be most effective in evaluating a manager’s effectiveness?

A.  The company has no fixed costs.

B.  The planned activity levels match actual activity levels.

C.  The company has substantial fixed costs.

D.  The company has substantial variable costs.


5) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A.  $8,250

B.  $750

C.  $5,250

D.  $4,500


6) The conceptual framework developed by the Financial Accounting Standards Board __________.

A.  is legally binding on all accountants

B.  is viewed as providing a constitution for setting accounting standards for financial reporting

C.  was approved by a vote of all accountants

D.  are rules that all accountants must follow


7) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

 Income Statement  Balance Sheet

Dr.                    Cr.       Dr.                  Cr.

Totals                $58,000 $48,000        $34,000           $44,000

The net income (or loss) for the period is __________.

A.  not determinable

B.  $10,000 loss

C.  $48,000 income

D.  $10,000 income


8) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

A.  Hardware store

B.  Antique shop

C.  Music store specializing in organ sales

D.  Farm implement dealership


9) What is value chain management best defined as?

A.  All activities associated with providing a product or service

B.  The incremental value of costs associated with hiring a new production floor leader

C.  A large chain that keeps the machines from falling on the production floor

D.  Management decisions that affect how quickly the production run occurs


10) A well-designed activity-based costing system starts with __________.

A.  analyzing the activities performed to manufacture a product

B.  assigning manufacturing overhead costs for each activity cost pool to products

C.  identifying the activity-cost pools

D.  computing the activity-based overhead rate


11) Multinational corporations __________.

A.  are U.S. companies that trade their securities on the exchanges in other countries

B.  are U.S. companies that sell goods and services in other countries

C.  are required to use international accounting standards

D.  are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries


12) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

A.  $50

B.  $75

C.  $65

D.  $60


13) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

A.  have been approved for use by the managements of business firms

B.  have substantial authoritative support

C.  are proven theories of accounting

D.  have been approved by the Internal Revenue Service


14) The major reporting standard for management accounts is __________.

A.  generally accepted accounting principles

B.  the Sarbanes-Oxley Act of 2002

C.  the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

D.  relevance to decisions


15: A tax on an imported good is called a __________.

A.  trade tax

B.  tariff

C.  quota

D.  supply tax


16) In economics, the cost of something is __________.

A.  often impossible to quantify, even in principle

B.  always measured in units of time given up to get it

C.  the dollar amount of obtaining it

D.  what you give up to get it


17) Which of the following statements about GDP is correct?

A.  GDP increases if the total population increases.

B.  Money continuously flows from households to government and then back to households, and GDP measures this flow of money.

C.  GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.

D.  GDP is to a nation’s economy as household income is to a household.


18) The price of a good that prevails in a world market is called the

A.  world price.

B.  relative price.

C.  absolute price.

D.  comparative price.


19) Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

A.  borrower who supplies money to the financial system

B.  saver who supplies money to the financial system

C.  saver who demands money from the financial system

D.  borrower who demands money from the financial system


20) One characteristic of an oligopoly market structure is:

A.  the actions of one seller have no impact on the profitability of other sellers.

B.  firms in the industry have some degree of market power.

C.  firms in the industry are typically characterized by very diverse product lines.

D.  products typically sell at a price that reflects their marginal cost of production.


21) When a firm sells a good or a service, the sale contributes to the nation’s income __________.

A.  We have to know whether the item being sold is a good or a service in order to answer the question

B.  only if the buyer of the good or service is a household

C.  only if the buyer of the good or service is a household or another firm

D.  whether the buyer of the good or a service is a household, another firm, or the government


22) The model of short-run economic fluctuations focuses on the price level and __________.

A.  Net GDP

B.  real GDP

C.  economic growth

D.  the neutrality of money


23) The open-economy macroeconomic model examines the determination of __________.

A.  the trade balance and the exchange rate

B.  the output growth rate and the real interest rate

C.  unemployment and the exchange rate

D.  the output growth rate and the inflation rate


24) In general, the longest lag for __________.

A.  fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand

B.  both fiscal and monetary policy is the time it takes to change policy

C.  both fiscal and monetary policy is the time it takes for policy to affect aggregate demand

D.  monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand


25) The political business cycle refers to __________.

A.  changes in output created by the monetary rule the Fed must follow

B.  the fact that about every four years some politician advocates greater government control of the Fed

C.  the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected

D.  the part of the business cycle caused by the reluctance of politicians to smooth the business cycle


26) The open-economy macroeconomic model includes __________.

A.  neither the market for loanable funds or the market for foreign-currency exchange

B.  only the market for loanable funds

C.  only the market for foreign-currency exchange

D.  both the market for loanable funds and the market for foreign-currency exchange


27) In the open-economy macroeconomic model, other things the same, a decrease in the interest rate shifts __________.

A.  the supply of dollars in the market for foreign-currency exchange to the left

B.  the demand for dollars in the market for foreign-currency exchange to the right

C.  the demand for dollars in the market for foreign-currency exchange to the left

D.  the supply of dollars in the market for foreign-currency exchange to the right


28) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:

A.  Job enlargement concept

B.  Job enrichment theory

C.  Glass floor

D.  Black box theory

E.  Glass ceiling


29) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):

A.  Entrepreneurship venture

B.  Small business

C.  Online Business

D.  Multinational corporation

E.  Large corporation


30) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

A.  Computer-integrated manufacturing (CIM)

B.  ISO 9000

C.  Customer-based integration

D.  Total quality management

E.  Just-in-time control (JIT)


31) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called:

A.  Mechanistic

B.  ISO 9000

C.  Organic

D.  Six Sigma Quality

E.  Total quality integration


32) __________ is the process of working with people and resources to accomplish organizational goals.

A.  Decision making

B.  Controlling

C.  Supervising

D.  Planning

E.  Management


33) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:

A.  Controlling

B.  Goal Coordination

C.  Staffing

D.  Organizing

E.  Planning


34) Managers will utilize __________ skills with increasing frequency as they rise within an organization.

A.  Professional

B.  Technical

C.  Professional

D.  Conceptual and decision

E.  Interpersonal and communication


35) Which of these represent skills that managers need?

A.  Conceptual & decision making, professional and technical

B.  Technical, interpersonal & communication and conceptual & decision making

C.  Interpersonal, quantitative, and professional

D.  Interpersonal & communication, conceptual & decision making and professional

E.  Professional, technical and interpersonal & communication


36) Which of the following statements does NOT support Total Quality Management?

A.  Use numerical quotas

B.  Break down barriers among departments

C.  Creating silos between departments

D.  Strive for long-term improvement rather than short-term profit

E.  Build long-term relationships instead of awarding business on price tag alone


37) Which of these refers to the practices aimed at discovering and harnessing an organization’s intellectual resources?

A.  Competitiveness

B.  Knowledge management

C.  Effectiveness

D.  Collaboration

E.  Innovation


38) Which of these describes a vision, as it pertains to leadership?

A.  Likely to land you in a padded room

B.  A mental image of a future state of an organization

C.  A short-term goal of an organization

D.  A long-term goal of an organization

E.  The method through which leaders achieve goals


39) The most dominant areas in the global economy include:

A.  North America, Asia and Africa

B.  North America, Mexico and Asia

C.  Western Europe, Asia and Africa

D.  North America, Western Europe and Asia

E.  North America, South America and Western Europe


40) Which of the following best describes a mental image of a possible and desirable future state of the organization?

A.  Vertical communication

B.  Vision

C.  Horizontal communication

D.  Mission

E.  Leadership


41) Teams that operate separately from the regular work structure and exist temporarily are known as:

A.  Self-managed teams

B.  Parallel teams

C.  Transnational teams

D.  Management teams

E.  Self-designing teams


42) From its 32 regions, the Federal Aviation Administration selects 5 regions, and then randomly audits 20 departing commercial flights in each region for compliance with legal fuel and weight requirements. This is __________.

A.  cluster sampling

B.  judgment sampling

C.  stratified random sampling

D.  simple random sampling


43) Sampling error can be reduced by __________.

A.  utilizing simple random samples

B.  increasing the sample size

C.  none of the these affect sampling error

D.  decreasing the sample size


44) In a right-tail test, a statistician came up with a z test statistic of 1.469. What is the p-value?

A.  .0708

B.  .0301

C.  .4292

D.  .0874


45) A financial institution wishes to estimate the mean balances owed by its credit card customers. The population standard deviation is estimated to be $300. If a 98 percent confidence interval is used and an interval of ±$75 is desired, how many cardholders should be sampled?

A.  62

B.  87

C.  3382

D.  629


46) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.

For this sample, the standard deviation is approximately _____.

A.  4.55

B.  3.75

C.  4.75

D.  3.03


47) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was + .050 Income.

Assuming b1 is significant, if Income decreases by 1000 we would predict that Crime will __________.

A.  increase by 50

B.  decrease by 50

C.  increase by 428

D.  increase by 500


48) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that:

A.  you would be willing pay up to $60 for someone to work another 6 hours.

B.  the next worker that offers to work an extra 8 hours should receive at least $80.

C.  you would lose $80 if one of your workers missed an entire 8 hour shift.

D.  you can send someone home 6 hours early and still pay them the $60 they would have earned while on the clock.


49) Companies using lean systems generally have:

A.  suppliers that are willing to accept short-term contracts.

B.  many suppliers to ensure that material shortages never occur.

C.  suppliers who are low-cost producers.

D.  suppliers that are located nearby to decrease delivery lead time.


50) Likely reasons for inaccurate control limits would include which of the following?

A.  There was insufficient preliminary sampling.

B.  The engineering parameter for variance is unknown.

C.  Process variation was not zero, as expected.

D.  The engineers were underpaid for their work.


51) You are faced with a linear programming objective function of:

Max P = $20X + $30Y and constraints of:

 3X + (Constraint A)

 5X – (Constraint B)

You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B is 0. Which of these statements is TRUE?

A.  For every additional unit of the objective function you create, the price of A rises by $7.50.

B.  You can change quantities of X and Y at no cost for Constraint B.

C.  The most you would want to pay for an additional unit of A would be $7.50.

D.  For every additional unit of the objective function you create, you lose 0 units of B.


52) A computer analysis reveals that the best-fitting trend model is e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571.

If we fit a linear trend to data that are growing exponentially __________.

A.  few investments could match the astounding growth rate

B.  the stock’s true intrinsic value is $4.12

C.  the absolute annual growth (in dollars per share) is increasing

D.  at the end of year 3 the stock price would be nearly $80


53) It is very difficult to manage data for which of the following reasons?

A.  data security is easy to maintain

B.  decreasing amount of external data needs to be considered

C.  data are scattered throughout organizations

D.  amount of data stays about the same over time

E.  data are stored in the same format throughout organizations


54) When customers access a Web site and make purchases, they generate __________.

A.  Web data

B.  Clickstream data

C.  Information

D.  Tracking cookies

E.  Hyperlink data


55) When your purchases are swiped over the bar-code reader at the point-of-sale terminals at Wal-Mart, a _____ records the data.

A.  enterprise resource planning system

B.  dashboard

C.  functional area information system

D.  transaction processing system

E.  office automation system


56) Which of the following is NOT an advantage of the buy option for acquiring IS applications?

A.  company will know what it is getting

B.  saves time

C.  software can be tried out

D.  few types of off-the-shelf software are available, thus limiting confusion

E.  saves money


57) A set of programs that enable the hardware to process data is _____.

A.  network

B.  database

C.  software

D.  hardware

E.  procedures


58) Which of the following statements about information systems is not correct?

A.  Any information system can be strategic.

B.  Information systems are based on the needs of employees.

C.  Information systems tend to follow the structure of the organization.

D.  Information systems are concentrated in the IS Department.

E.  Managing information systems is difficult.


59) Computer support is greatest for which of the following problems?

A.  Semistructured and management control

B.  Structured and operational control

C.  Unstructured and operational control

D.  Semistructured and strategic planning

E.  Structured and management control


60) Competitive advantage for an organization manifests as all of the following except:

A.  increased profits

B.  increased time to market

C.  higher quality

D.  lower costs

E.  increased speed


61) Geocoding is __________.

A.  integrating organizational transactions with spatially oriented databases

B.  accessing geographical information

C.  encrypting spatial information

D.  integrating maps with spatially oriented databases and other databases

E.  programming spatially oriented databases


62) The management cockpit best exemplifies which type of system?

A.  Functional area information system

B.  Digital dashboard

C.  Expert system

D.  Decision support system

E.  Group decision support system


63) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.

Year Net Cash Flow

1 $1,000

2 $1,500

3 $  500

A.  32%

B.  28%

C.  40%

D.  48%


64) If the quote for a forward exchange contract is greater than the computed price, the forward contract is:

A.  a good buy.

B.  at equilibrium.

C.  undervalued.

D.  overvalued.


65) A stock with a beta greater than 1.0 has returns that are _____ volatile than the market, and a stock with a beta of less than 1.0 exhibits returns which are _____ volatile than those of the market portfolio.

A.  less, more

B.  less, less

C.  more, less

D.  more, more


66) At 8% compounded annually, how long will it take $750 to double?

A.  9 years

B.  12 years

C.  48 months

D.  6.5 years


67) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?

A.  8.0%

B.  12.5%

C.  36.13%

D.  13.6%


68) Bondholders have a priority claim on assets ahead of:

A.  investors

B.  shareholders.

C.  common and preferred stockholders.

D.  creditors.


69) Exchange rate risk:

A.  has been phased out due to recent international legislation.

B.  applies only to certain types of domestic businesses.

C.  arises from the fact that the spot exchange rate on a future date is a random variable.

D.  doesn’t affect trades made in US Dollars.


70) An increase in future value can be caused by an increase in the __________.

A.  rate of return

B.  starting value

C.  original amount invested

D.  dividends paid

E.  annual interest rate and number of compounding periods


71) You hold a portfolio with the following securities:

Security Percent of Portfolio Beta Return

X Corporation 20% 1.35 14%

Y Corporation 35% .95 10%

Z Corporation 45% .75 8%

Compute the expected return and beta for the portfolio.

A.  34.4%, .94

B.  9.9%, 1.02

C.  10.67%, 1.02

D.  9.9%, .94


72) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years?

A.  7%

B.  5%

C.  6%

D.  8%


73) What is the yield to maturity of a nine-year bond that pays a coupon rate of 20% per year, has a $1,000 par value, and is currently priced at $1,407? Round your answer to the nearest whole percent and assume annual coupon payments.

A.  12%

B.  14%

C.  5%

D.  11%


74) PepsiCo calculates unlevered betas for each peer group in order to:

A.  eliminate judgment factors.

B.  eliminate competitive factors.

C.  eliminate different business risks.

D.  eliminate different financial risks.


75) Disadvantages of using current liabilities as opposed to long-term debt include:

A.  decreased risk of liquidity

B.  uncertainty of future liabilities

C.  higher cash flow exposure

D.  certainty of interest costs

E.  greater risk of illiquidity, and uncertainty of interest costs


76) When evaluating macro-marketing:

A.  one must consider each individual firm’s role in the marketing system.

B.  the best approach is to consider the profit generated by individual firms within the overall system.

C.  one must determine how efficiently the society’s resources are used.

D.  one must consider the society’s role in the marketing system.

E.  the evaluation is necessarily subjective.


77) “Marketing strategy planning” means:

A.  selecting an attractive marketing mix.

B.  finding attractive opportunities and selecting a target market.

C.  selecting an attractive target market.

D.  selecting a target market and developing a marketing strategy.

E.  finding attractive opportunities and developing profitable marketing strategies.


78) Marketing:

A.  is only propaganda.

B.  turns consumers into puppets.

C.  reflects existing social values in the short run–while reinforcing these values in the long run.

D.  not important if you have a good product.

E.  creates materialistic values which did not exist before.


79) A firm’s “marketing mix” decision areas would NOT include:

A.  Product.

B.  People.

C.  Price.

D.  Place.

E.  Promotion.


80) Regarding organizational buying, the people who have the power to select or approve the supplier–especially for larger purchases–are called:

A.  buyers.

B.  users.

C.  influencers.

D.  deciders.

E.  gatekeepers.


81) The economists’ view of buyers:

A.  assumes that they always buy the lowest-price alternative.

B.  None of these are true

C.  puts a great deal of emphasis on differences in buying behavior related to individual differences among consumers.

D.  is based on the idea that consumers value time and select the first alternative they learn about.

E.  emphasizes psychological variables rather than social influences.


82) The difference between target marketing and mass marketing is that target marketing:

A.  focuses on specific customers, while mass marketing aims at an entire market.

B.  aims at increased sales, while mass marketing focuses on increased profits.

C.  means focusing on a small market.

D.  focuses on short-run objectives, while mass marketing focuses on long-run objectives.

E.  does not rely on e-commerce but mass marketing does.


83) When doing “positioning,” a marketing manager should:

A.  rely on how customers think about proposed and/or existing brands in a market.

B.  exclusively use focus groups.

C.  avoid targeting strategies.

D.  focus on specific product features of all generic competitors.

E.  plan physical product changes rather than image changes.


84) The clustering techniques that can be used in segmenting:

A.  try to find similar patterns within sets of data.

B.  looks for differences between groups of people.

C.  eliminate the need for management intuition and judgment.

D.  group people together into heterogeneous product-market segments.

E.  group people together based on age.


85) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if the manager remembers that:

A.  GDP estimates may not be very accurate for very different cultures and economies.

B.  Other countries most likely don’t use the US Dollar as their primary currency.

C.  GDP measures show people’s tendency to buy particular products.

D.  income tends to be evenly distributed among consumers in most countries.

E.  GDP measures show the degree of competition in a market.


86) Good marketing strategy planners know that:

A.  mass marketing is often very desirable and effective.

B.  target markets cannot be large and spread out.

C.  firms like Nabisco and Wal-Mart are too large to aim at clearly defined target markets.

D.  target marketing does not limit one to small market segments.

E.  the terms “mass marketing” and “mass marketer” mean basically the same thing.


87) The basic objective of the U.S. market-directed economic system is to:

A.  provide each person with an equal share of the economic output.

B.  make the most efficient use of the country’s resources.

C.  minimize inflation.

D.  satisfy consumer needs as they–the consumers–see them.

E.  achieve an annual growth rate of at least 10 percent.


88) In a criminal proceeding, what is the difference between an indictment and an information?

A.  A grand jury issues an indictment, but does not issue an information.

B.  An indictment requires proof beyond a reasonable doubt, but an information does not.

C.  The defendant is charged with a crime in an indictment, but not in an information.

D.  Guilt or innocence is determined in an indictment, but not in an information.


89) Which of the following is true about the Sherman Act?

A.  Liability under either Section 1 or Section 2 requires agreement with another party.

B.  A business can be liable under either Section 1 or Section 2 without any agreement with another party.

C.  Liability under Section 1 for restraint of trade requires agreement with another party, but liability under Section 2 for monopolization does not.

D.  Liability under Section 2 for monopolization requires agreement with another party, but liability under Section 1 for restraint of trade does not.


90) Which of the following is correct about litigating commercial disputes?

A.  A few states have established specialized trial courts for commercial disputes.

B.  In all states, commercial disputes must be heard in a limited-jurisdiction court.

C.  Nearly all states have specialized trial courts that hear commercial disputes.

D.  Commercial disputes, because of their specialized nature, are first heard at the appellate court level.

E.  Businesses generally dislike the concept of specialized trail courts for commercial disputes because the large numbers of consumers who sue businesses in these courts have led the judges to become generally biased against business.


91) The tort of intentional interference with contractual relations requires the following except:

A.  Third-party inducement to breach the contract.

B.  A new contract involving the third party who induced the breach.

C.  A valid, enforceable contract between the contracting parties.

D.  Third-party knowledge of this contract.


92) Which of the following is correct about interpretive rules?

A.  They must be accompanied by substantive rules.

B.  All federal administrative agencies have implied power to make interpretive rules.

C.  They do not establish new law.

D.  Interpretive rules are not subject to judicial review.

E.  They require public notice and participation to create.


93) If you are a creditor, your best protection in the event of the debtor’s bankruptcy (including protection from the debtor’s other creditors) is usually obtained if you had previously received:

A.  A security interest granted by the debtor.

B.  A written promise from the debtor to pay the debt as agreed.

C.  The debtor’s agreement to pay you first.

D.  Audited financial statements of the debtor.


94) A “closely held corporation” is a corporation that is owned by:

A.  A few shareholders, usually family members.

B.  The government.

C.  A large number of members of the public.

D.  A nonprofit organization.


95) Which of the following terms is not required to be disclosed under the Truth-in-Lending Act?

A.  The amount of attorneys fees to be charged if legal action is needed to collect the debt.

B.  The number of payments.

C.  The annual percentage rage of interest.

D.  The amount of late charges or delinquency penalties.

E.  The date the finance charge begins to accrue.


96) If the value of the collateral is less than the debt owed to the secured party, then:

A.  The secured party loses the excess of debt over the value of the security.

B.  The secured party gets to take some other property as collateral so his entire debt is secured.

C.  The secured party is still secured for the entire debt owed him.

D.  The secured party is unsecured for the entire debt.

E.  The secured party is unsecured for the excess of debt over the value of the security.


97) If a minor wishes to be bound to a contract after becoming an adult, she must:

A.  Give back the goods or services received as a minor.

B.  Disaffirm the contract.

C.  Ratify the contract.

D.  Bring an action to verify the contract.


98) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

A.  Mexico, Canada

B.  Mexico, Venezuela

C.  Canada, Venezuela

D.  Great Britain, Paraguay

E.  Canada, Mexico


99) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

A.  Less than $1; about 25

B.  $2; about 25

C.  Less than $1; about 15

D.  Less than $1; about 40

E.  About $2; about 15


100) Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

A.  Mexico

B.  China

C.  Japan

D.  Ecuador

E.  Canada





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