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MSB 201 MIDTERM 2 EXAM WITH COMPLETE SOLUTIONS
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Select the best definition of fixed costs. - ANSWER Costs that are constant regardless of changes in volume.
What is the basic CVP equation? - ANSWER Sales Revenue - Variable Costs - Fixed Costs = Net Income
Given the following information, determine the sales price per unit required at an anticipated sales volume of 15,000 units to achieve a net income of $80,000. They have a total fixed cost of $25,000 and a variable costs ratio of 60%. - ANSWER 17.
Select the example of a product costs. - ANSWER Direct Labor
Direct Materials
Manufacturing Overhead
Which of the following accounts is reported on the income statement? - ANSWER Tax Expense
Which ONE of the following statements is TRUE regarding ACCRUAL accounting? - ANSWER "Expense" is a measure of economic value consumed
Which of the following does NOT appear on an income statement? - ANSWER Interest Payable
Which of the following is NOT presented on the income statement? - ANSWER Retained Earnings
The balance sheet embodies which of the following basic accounting equations? - ANSWER Assets = Liabilities + Owners Equity
Owners Equity can be defined as: - ANSWER Common stock + Retained earnings
If a company's total assets amount to $150,000 and total liabilities and capital contributions amount to $70,000 and $20,000, respectively, then retained earnings must amount to: - ANSWER $60,
Given the following balances at the end of the year: Liabilities: $22,000 Retained Earnings: $4,000 Capital Stock: $8,000. Determine the total amount of assets: - ANSWER $34,
What is the effect on the financial statements if a cash dividend is paid to owners? - ANSWER Decrease assets and owner's equity, but no effect on liabilities
What is capital? - ANSWER Money
What is debt financing? - ANSWER Borrowing money from a creditor (i.e., bank) with the expectation that the company will pay them back. The creditor will not own any part of the business.
Which of the following financial statements is shown as of one specific date? - ANSWER Balance Sheet
Which of the following is NOT a way financial accounting information is used? - ANSWER Breakeven Analysis
Select the TWO critical conditions that must exist for financial statements to be useful. - ANSWER Comparability
puts into a project/investment
How do you calculate the NPV in Excel? - ANSWER The NPV formula - the initial investment
As seen in the TVM video, how much was the blu-ray player worth in 2006? - ANSWER $999.
A company should accept a project when the NPV is - ANSWER Positive
What is the pivotal question of finance? - ANSWER Is it worth it?
What is Present Value? - ANSWER What future cash flows are worth today
ABC Corp wants to buy a machine to produce umbrellas. The machine costs $130, and will cost $7,500 to install. Once in place, the machine will produce an income of $25,000 every year. ABC Corp expects to sell the machine after 5 years for $20, (ignore taxes). Given that the expected return is 2%, what is the NPV of this project? - ANSWER -1,548.
Lon and Laura want to save money for college for their 13-year-old twins. If they deposit $2,000 at the end of each year into a savings account earning 2% annual interest (compounded annually), how much would they have in the account after five years for their children? - ANSWER $10,408.
Billy Joe and Sally Mae want to withdraw $1,500 from their savings account at the end of each year for the next 4 years to help cover college tuition. How much must they deposit today into the savings account if they can earn 2.25% annual interest (Billy Joe and Sally Mae will have no money left in the account at the end of 4 years)? - ANSWER $5,677.
Your Aunt Bellatrix dies and leaves you $18,000. You decide to invest the entire amount into a stock-based, tax-advantaged mutual fund which is expected to average a return of 7.75% per year (compounded monthly). Also, you will invest an additional $200 at the
end of each month into the same account for the next 25 years. How much will you have in the mutual fund account after 25 years? - ANSWER $306,824.
Shawn and Sally invest $1,500 as a lump sum into a savings account with monthly compounding. If the average annual return of the account is 4.0%, how much will Shawn and Sally have in the account after 10 years to use for a family vacation to Europe? - ANSWER $2,236.
Which of the following are parts of the Human Resource Management Process? Select all that apply - ANSWER Job analysis and design
HR planning and forecasting
Employee recruitment
Employee selection
Training and Development
Performance planning and evaluating
Compensation and benefits
Employees' performance is most often reliant on what two overarching factors? - ANSWER Their abilities and motivation
______ structures are more rigid and group employees by function, products, processes, customers, or regions. _______ and team-based structures are more flexible and assemble employees to respond quickly to dynamic business environments. - ANSWER Traditional; Contemporary
Which of the following factors can cause work-place stress? - ANSWER Organizational Climate
Management Behaviors
Degree of Job Satisfaction or Dissatisfaction
The horizontal expansion of a job that increases the number and variety of tasks that a
National Security officers
State mental health director
A non-profit organization is purpose-driven. - ANSWER True
Know key concepts and applications of Accounting (in general), Balance Sheet, and Income Statement - ANSWER
Know the concepts and problems from 6.2 Balance Sheet Quiz and 6.3 Quiz: Income Statement Quiz - ANSWER
Know Liabilities, Owner's equity; Assets = Liabilities + Owners' Equity; Assets = Liabilities + Capital Contribution + Retained Earnings (basic accounting equation); management accounting, including debt ratio - ANSWER
Know key financial terminology (section 7.1) including: value, financial assets, certificate of deposit, bonds, stocks, etc. - ANSWER
Know key concepts of time value of money, or TVM (section 7.2) including: TVM and its formula, TVM and value, TVM keys to success, annuity, and perpetuities - ANSWER
Know ROI, NPV, and IRR (section 7.3) and key terms including: return, profit, ROI formula and how to calculate ROI, how to use the NPV formula and interpreting its results for good financial decisions, and the intuition behind IRR and what it means. - ANSWER
Know the concepts and problems from 7.4 Quiz: Finance Principles & Skills - ANSWER
Know key principles of Team Dynamics and Group Cohesiveness (section 8.2) - ANSWER
Know key principles of Motivation and Performance (section 8.3) - ANSWER
Know key principles of Organizational Design (section 8.4) - ANSWER
Know the concepts and problems from 8.6 Quiz: Human Resources (HR) & Org Behavior (OB) - ANSWER
Know what public admin. is and the main segments and concepts from the "iceberg" analogy / example on Publican Administration (section 9.5) - ANSWER
Know key aspects of Public Administration & Bureaucracies and their roles and responsibilities (section 9.6) - ANSWER
Know the differences between for-profit and non-profit organizations and hospitals (section 9.7) - ANSWER
Know differences between Public Administration & Business Administration (section 9.8) - ANSWER
Know the concepts from 9.9 Quiz: Public Administration - ANSWER
Know the key concepts of functionalism and how they are applied or manifest during efforts to accomplish the healthcare Triple AIM. - ANSWER
Know the key groups and markets of the Circular Flow Model or Diagram as they relate to the integrated experience on robotic surgery. Know what flows occur between these groups and markets. Know which groups and markets provide the main inputs and outputs in the model. - ANSWER
Know the concepts of specialization and division of labor as explored in the healthcare integrative experience on robotic surgery. - ANSWER
