Entry into monopolistic competition is:
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1 .A standard costing system is most often used by a firm in conjunction with:
A Job order cost systems. B Participative management programs. C Management by objectives. D Flexible budgets.
2 .Which of the following economic terms describes a general decline in prices for goods and services?
A Expansion. B Inflation. C Deflation. D Recession.
3 .Based on past experience, a company hasdeveloped the following budget formula for estimating its shipping expenses.The company's shipments average 12 pounds per shipment. Shipping costs = USD16,000 + (USD0.50 × pounds shipped) The plannedactivity and actual activity regarding orders and shipments for the currentmonth are given in the following schedule. Plan Actual Sales orders 800 780 Shipments 800 820 Units shipped 8,000 9,000 Sales USD120,000 USD144,000 Total pounds shipped 9,600 12,300 The actual shipping costs for the month amounted to USD21,000. The appropriate monthly flexible budget allowance for shipping costs for the purpose of performance evaluation would be:
A USD20,920 B USD20,800 C USD22,150 D USD21,000
4 .Which one of the following is not a key assumption of perfect competition?
A Each firm can price its product above the industry price. B The level of a firm's output is small relative to the industry's total output. C There is freedom of entry into and exit out of the industry. D Customers are indifferent about which firm they buy from.
5 .Mo' Joe Coffee Shops is concerned as to whether its brand name is working and wants to compute its market share variance to measure the effect of the company's market share on the company's contribution margin. Mo' Joe sold 90,000 units compared to a budgeted 120,000 units in a market that regularly commands 500,000 units in sales. The budgeted contribution margin per unit is US88 while the actual contribution margin achieved was USD.56 per unit. Mo' Joe's market share variance is:
A USD26,400 B (USD16,800) C USD16,800 D (USD26,400)
7 .Although there is no single format for the balanced scorecard, the report generally includes a variety of measurements associated with objectives classified by critical success factors. Critical success factors often include:
A Financial, internal business process, customer, and human resource considerations. B Sales, net income, cash flow, and return on investment performance. C Shareholder satisfaction, customer satisfaction, vendor satisfaction, and employee satisfaction issues. D Throughput and lifecycle times.
8 .If a group of consumers decide to boycott a particular product, the expected result would be:
A An increase in product supply because of increased availability. B A decrease in the demand for the product. C An increase in the product price to make up lost revenue. D That companies in the industry would experience higher economic profits.
9 .Strategic Business Units (SBUs) are classified into different types based on the responsibility levels assigned to their managers. Each of the following items are reasons for classifying Strategic Business Units as cost, revenue, profit, or investment, except to:
A Communicate segment goals to managers for improved operational and financial control. B Isolate financial measurement for segment performance. C Highlight different responsibility levels among managers in highly centralized organizations. D Promote goal congruence.
10 .Which of the followng statements is true with respect to price elasticity of demand?
A The shorter the time period, the more product demand becomes elastic because less choices are available. B Product demand is more elastic when more substitutes are available. C Product demand is more elastic when fewer substitutes are available. D Product demand is more inelastic when more substit...
