Chapter 9 Test. Date. Name. Multiple Choice Identify the choice that best completes the statement or answers the question.


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1 Chapter 9 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which organization is responsible for regulating the calculation of depreciation? a. CIA c. DOT b. UPS d. IRS 2. Employees are typically reimbursed for which of the following expenses when they travel on business trips? a. hotel charges c. souvenirs b. personal entertainment d. none of the above 3. Which of the following is probably not considered a raw material? a. 2 tons of steel c. batteries b. lumber d. a box of screws 4. Which of the following describes how to calculate the breakeven point in dollars? a. Multiply the breakeven point in units by the sales price per unit. b. Multiply the breakeven point in units by the warehouse price per unit. c. Divide the breakeven point in units by the sales price per unit. d. Divide the breakeven point in units by the warehouse price per unit. 5. When shipping charges are calculated per cwt, the customer is charged on the basis of weight per a. 50 pounds. c. 10 pounds. b. 100 pounds. d. pound. 6. Which term describes the length of time business property can be depreciated, as determined by the IRS? a. class life c. property life b. shelf life d. vital period Completion Complete each statement. 7. The costs of raw materials and direct labor are called the of manufacturing a product. 8. The term may be used by sellers to show who pays the shipping costs. 9. are costs such as rent, salaries, heat, insurance, advertising, and other overhead costs that remain the same regardless of production volume. 10. The of property is the original cost of the property less the total depreciation to date. Cengage/SouthWestern 20
2 Chapter 9 Test (cont'd) Numeric Response 11. The total annual cost of a small accounting firm's office is $424,960, including wages, benefits, rent, insurance, and power. If the office has 6 workstations, what is the average cost of each workstation? 12. A drilling machine that cost $93,000 is depreciated each year at the rate of 14% using the decliningbalance method. What is the book value of the machine at the end of the first year? 13. Transit Technologies plans to produce 2way radios that will sell for $59 per radio. They estimate fixed costs in manufacturing the radios to be $41,500. The variable costs of producing each radio will be $14. How many radios must the company sell to break even? 14. Claymore, Inc. pays $42,000 a month in rent for its factory and distributes this cost on the basis of floor space. How much should be charged to the shipping department each month if they occupy 1,100 sq. ft of the company's 13,360 sq. ft factory? 15. A computer programmer averages 33 written and tested lines of code each day. If the programmer earns $35 per hour and works for 8 hours a day, how much does the company pay for each line of code, to the nearest cent? 16. A table saw costing $1,200 will be used for 5 years and then traded in for an estimated $750. Using the sumoftheyearsdigits method, find the book value of the saw at the end of the second year. 17. Marty Combs spent 3 days at a professional training seminar. He was reimbursed at $0.55 a mile for using his personal car to travel the 410 miles to and from the seminar. He was also paid $75 per diem. What was Marty's total reimbursement? 18. To ship freight to destination zone 7, a shipping company charges the following rates based on weight: 199 pounds, $1.14; pounds, $1.05; pounds, $0.98; and 500 pounds and over, $0.95. What is the freight charge to ship a 230pound package to zone 7? Short Answer 19. What are the three kinds of factory costs? 20. Describe how to calculate the total manufacturing cost of a product. Cengage/SouthWestern 21
3 Chapter 10 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. What kind of form do cashiers use to count the money in a drawer and check the amount against cash register readings? a. register form c. cash proof form b. reconcile form d. change fund form 2. The number of times an ad will run is referred to as the a. frequency rate. c. daily rate. b. page count. d. print time. 3. What is the discount date of an invoiee dated June 22 that has terms of sale 1/10, n/45? a. June 30 c. July 2 b. July 22 d. August 6 4. Which of the following is a common reason why wholesalers change the trade discount to raise and lower the prices they charge retailers? a. to remain competitive with other wholesalers b. to save the cost of reprinting their catalog when list prices change c. to offer a single discount equivalent d. none of the above 5. Which of the following is used by companies to forecast sales by selling a new product in a small geographic area and measuring its success? a. market tests c. customer surveys b. management opinion d. demographic analysis 6. Why might a retailer apply a markdown to an item's marked price? a. the item is out of season c. to be more competitive b. the item is not selling well d. all of the above Completion Complete each statement. 7. A business may offer a(n) as a way to encourage their business customers to pay their invoices early. 8. tells what percentage of the total market's sales one seller has. 9. People who complete surveys are called. 10. When merchandise bought on credit is returned, the seller reduces the buyer's account balance by the amount of the return and issues a. Cengage/SouthWestern 22
4 Chapter 10 Test (cont'd) Numeric Response 11. A local radio station charges $85 a day to air a 30second commercial. What is the cost of running a commercial once a day for a year? 12. An audio cable sells for $8.79 at an electronics store. If the cost of the cable is $1.24, what rate of markup does the store earn on the cable, to the nearest percent? 13. A computer monitor has a list price of $ The series discount offered is 20%, 15%, and 10%. What is the invoice price of the monitor? 14. A hardware store purchased these items from a wholesaler: 48 boxes of $1.47, 115 sheets of $4.18, and 22 saw $3.45. What was the total of the sales invoice? 15. Sales of a new golf club were 132 in a test market. If there are 408 similar sized markets in the United States, what are the expected unit sales for the golf club when it is marketed nationwide? 16. A survey asked customers to rate their satisfaction with their cable service on a scale of 15, 1 being unsatisfied and 5 being very satisfied. The customers provided the following ratings: 1, 9; 2, 45; 3, 118; 4, 235; and 5, 18. What average rating did the cable service receive, to the nearest tenth? 17. An invoice for $1,500 dated December 14 has terms of sale of 3/10, 2/20, n/30. What is the amount of the cash discount and cash price if the invoice is paid on December 28? 18. A cashier began the sales day with a $250 change fund in his register. At the end of the day his totals showed $1, cash received and $ in cash paid out. If there was $1, in the register, how much was cash over or short? Short Answer 19. Describe how to find the invoice price of an item that is subject to a discount series. 20. What are some of the ways businesses contact customers to survey them about products and services? Cengage/SouthWestern 23
5 Chapter 13 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. In metric measures of area, each square unit is how many times larger than the next smaller unit? a. 10 times c. 1/100 times b. 100 times d. 1/10 times 2. Which application would probably NOT require knowledge of calculating area? a. hanging wallpaper c. painting a ceiling b. spreading lawn seed d. swimming across a lake 3. Which term describes the difference between a country's exports and imports? a. balance of deficit c. balance of trade b. balanee of surplus d. balance of commerce 4. Which system of measurement is used in most of the world? a. the customary system c. the algebraic system b. the metric system d. none of the above 5. What is the name of the line of longitude through Greenwich, England that is designated as 0? a. the prime meridian. c. the International Line. b. the equator. d. the initial longitude. 6. If you are traveling east around the world and it is June 13, when you cross the International Line it will be a. June 13. c. June 14. b. June 12. d. none of the above Completion Complete each statement. 7. To find a country's divide the country's Gross Domestic Product by its population. 8. The basic unit of mass in the metric system is the. 9. The tells how much one country's currency is worth in another country's currency. 10. A business that manufactures, buys, and sells goods and services within a country is conducting Cengage/SouthWestern 28
6 Chapter 13 Test (cont'd) Numeric Response 11. The average temperature in June in Kentucky is 82 degrees Fahrenheit. What is the temperature in Celsius, to the nearest whole degree? 12. A country's GDP is $30.5 billion. If the population is 1.94 million, what is the country's per capita GDP to the nearest dollar? 13. Find the value of c in this equation: c = (1 m  15 cm) ^ At sea level, water will boil when it reaches 100 degrees Celsius. What is the boiling point of water in Fahrenheit? Metric to Customary Customary to Metric 1 cm «0.16 in. 1 in. = 6.5 cm^ 1 = 10.8 ft^ 1 fl^ =^ ha «2.5 acres 1 acre 0.4 ha 15. Using the chart above, about how many hectares are there in 10 acres? Round to the nearest whole hectare. 16. If a country with a population of million people has a per capita GDP of $21,104, what is the country' s GDP to the nearest tenth of a billion dollars? Metric to Customary Customary to.metric 1 L s 1.06 quarts 1 quart 0.95 L 1 L «0.26 gallons 1 gauon «= 3.79 L 1 g «0.035 oimce 1 ounce «28.3 g 1 kg «2.2 pounds 1 pound «0.45 kg 17. Using the chart above, about how many liters are there in a 55gallon aquarium? Round to the nearest whole liter. 18. Carole is traveling in Japan and wants to exchange $75 to Japanese yen for spending money. If the exchange rate is yen, how much money will she receive? Short Answer 19. What is the difference between weight and mass? 20. What are some of the consequences of a country having a large trade deficit? Cengage/SouthWestern 29
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