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ETS Business Exam 2024 | ETS MFT Business Exam Update 2024 Questions and Correct Answers Rated A+
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ETS Business Exam 2024 | ETS MFT Business Exam Update 2024 Questions and Correct Answers Rated A+
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ETS Business Exam 2024 | ETS MFTBusiness Exam Update 2024 Questions
and Correct Answers Rated A+
Accounting: What costs should be considered when making non-
routine decisions? (3) -ANSWER-The price of material, Factory
overhead costs, and the price of labor
Accounting: Total product/ units produced and sold equals?? -
ANSWER-Product Cost per Unit
Accounting: What is a general explanation of what the contribution
margin is? -ANSWER-The difference between variable costs
subtracted from sales
Accounting: In a continuous budget plan how many months are
generally planned? -ANSWER-12 months
Accounting: Which of the following is not one of the weaknesses of
standard costing -ANSWER-It makes accounting for price increases
more accurate
Accounting: What are the potential ways to find the price of what a
produced products should cost? (3) -ANSWER-Product cost concept,
total cost concept, and variable cost concept
Accounting: Which report is the connecting link between the income
statement and the balance sheet? -ANSWER-Cash flow statement
The net cash flow from operating activities normally differs from the
amount of net income for the period. -ANSWER-True
Accounting: Expense accounts would have a balance on which side? -
ANSWER-Left side
,Accounting: A profit-making business operating as a separated legal
entity and in which ownership is divided into shares of stock is known
as a... -ANSWER-Corporation
Accounting: A debt may slightly -ANSWER-Increase in an asset
account
Accounting: What would be classified as a current asset on the
balance sheet -ANSWER-Accounts receivable
Accounting: What are the elements of internal control? (3) -ANSWER-
Control environment, monitoring, and control procedures.
True or False: A cash distribution of earnings by a corporation to its
stockholders is called a CASH DIVIDEND. The 3 conditions that a
corporation must meet to pay a cash dividend are: sufficient retained
earnings, sufficient cash, and formal action by the board of directors. -
ANSWER-True
Accounting: Factors in computing depreciation are? -ANSWER-Initial
cost + residual value = depreciable
Accounting: The statement of cash flows reports a firm's major cash
inflows and outflows for a period. It provides useful information about
a company's ability to do the following?? -ANSWER-Meet its financial
obligations, generate cash from operations, and maintain and expand
its operating capacity
Accounting: True or False: Notes receivables are amounts that
customers owe for which a formal, written instrument of credit has
been issued. If longer than a year it is considered an investment. -
ANSWER-True
Accounting: The excess of current assets of a business over its
current liabilities is called? -ANSWER-Working capital
, Accounting: What 2 categories are considered under period costs? -
ANSWER-selling expenses and administrative expenses
Accounting: The effect of a difference in the number of units sold,
assuming no charge in unit sales price or unit cost is... -ANSWER-
Quantity factor
Accounting: A cost that will not be affected by later decisions is termed
an -ANSWER-Sunk Cost
Accounting: The unfavorable volume variance may be due to all but
the following facts... -ANSWER-Unexpected increases in the cost of
utilities
Accounting: What budget allows for adjustments in activity levels? -
ANSWER-Flexible budget
Accounting: A budget that summarizes future plans for the acquisition
of fixed assets is the... -ANSWER-Capital expenditures budget
Accounting: What are the standard framework of guidelines for
financial accounting used in any given jurisdiction, also known as
accounting standards?? -ANSWER-GAAP
Economics: What occurs when the price level rises? -ANSWER-
People need to hold more money, so interest rates rise, making firms
borrow and invest less
Economics: The federal government enacted regulation in the 1960's
requiring people to wear seatbelt in their cars. All of the following
resulted from this regulation, EXCEPT: -ANSWER-Fewer pedestrians
were killed in car accidents.
Economics: Which of the following is true regarding the production
possibilities frontier model of the economy? -ANSWER-Any point
along the PPF represents an efficient level of production.
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