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Questions and Answers
A command economy is characterized by:
A command economy is characterized by:
- The government controlling prices and production (correct)
- A laissez-faire approach by the government
- A moderate amount of government intervention in the economy
- Businesses commanding all aspects of the economy
Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)?
Which of the following is not a responsibility of the Securities and Exchange Commission (SEC)?
- Setting interest rates (correct)
- Processing applications for initial public offerings (IPOs)
- Investigating insider trading
- Regulating securities
In marketing, the demand for a product is directly influenced by:
In marketing, the demand for a product is directly influenced by:
- Both A and B (correct)
- Customers' ability to obtain a product
- Availability of a product
- Customers' desire for a product
The Sarbanes-Oxley Act of 2002:
The Sarbanes-Oxley Act of 2002:
An employee earns $2,000.00 per month in gross pay, but pays 9% in federal taxes, 3% for state taxes, and 2% for local taxes. After tax, the company withholds $104.36 for health insurance. What is the employee's net pay?
An employee earns $2,000.00 per month in gross pay, but pays 9% in federal taxes, 3% for state taxes, and 2% for local taxes. After tax, the company withholds $104.36 for health insurance. What is the employee's net pay?
A market in which product availability exceeds demand is called:
A market in which product availability exceeds demand is called:
Which of the following is not a part of Maslow's hierarchy of needs?
Which of the following is not a part of Maslow's hierarchy of needs?
Which of the following countries is not part of NAFTA?
Which of the following countries is not part of NAFTA?
A consumer's credit score is directly influenced by which of the following factors?
A consumer's credit score is directly influenced by which of the following factors?
Upon which organization does the international community primarily rely to deal with claims of unfair protectionism by one country against another?
Upon which organization does the international community primarily rely to deal with claims of unfair protectionism by one country against another?
A homeowner is attempting to choose between several mortgage loans for a $200,000 home. Which of the following would have the lowest monthly payment?
A homeowner is attempting to choose between several mortgage loans for a $200,000 home. Which of the following would have the lowest monthly payment?
The biggest factor that leads American companies to manufacture their products overseas in developing countries like China and India is:
The biggest factor that leads American companies to manufacture their products overseas in developing countries like China and India is:
Which of the following correctly summarizes the accounting equation for a sole proprietorship?
Which of the following correctly summarizes the accounting equation for a sole proprietorship?
In order to present a business plan to a group of potential investors, a businessperson would most likely use which software?
In order to present a business plan to a group of potential investors, a businessperson would most likely use which software?
In order to start an online business, an individual would need all but which of the following:
In order to start an online business, an individual would need all but which of the following:
Which of the following types of assets would not be subject to depreciation?
Which of the following types of assets would not be subject to depreciation?
When itemizing deductions on a federal tax return, an individual taxpayer may be able to deduct all but which of the following?
When itemizing deductions on a federal tax return, an individual taxpayer may be able to deduct all but which of the following?
Which of the following terms best describes a situation where an individual enters into an agreement with a company to use the company's business model within a given territory, usually in exchange for a fee?
Which of the following terms best describes a situation where an individual enters into an agreement with a company to use the company's business model within a given territory, usually in exchange for a fee?
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Study Notes
Economic Concepts
- A command economy involves government control over prices and production.
- Differences in the responsibilities of the SEC include regulating securities, investigating insider trading, and processing IPO applications, but not setting interest rates.
- Demand for a product is influenced by customers' desire and ability to obtain it.
Regulatory Framework
- The Sarbanes-Oxley Act of 2002 was enacted to combat corporate and accounting fraud.
- Trade agreements exclude countries like China from NAFTA, which includes Canada, the U.S., and Mexico.
Financial Knowledge
- An employee earning $2,000 with various tax deductions and health insurance has a net pay of $1,615.64.
- A buyer's market exists when product availability exceeds demand.
- Factors affecting a consumer's credit score mainly include debt repayment history.
International Trade
- The World Trade Organization (WTO) addresses claims of unfair protectionism.
- Lower labor costs drive American companies to manufacture in countries like China and India.
Business Operations
- The correct accounting equation for a sole proprietorship is Assets = Liabilities + Owner's Equity.
- Presentation software for business plans is typically PowerPoint.
Starting a Business
- Essential for starting an online business includes a business model, website, and email; a fax machine is unnecessary.
- Assets such as real estate are not subject to depreciation.
Tax Deductions
- When itemizing deductions, groceries cannot be deducted, but mortgage interest, charitable donations, and theft losses can.
- A franchise involves using a company's business model in exchange for a fee.
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