BUS 475 Final Exam Study Guide 2013 – Set 01

100 Answers from 2013 BUS 475 Final Exam

FIVE IS SHOWN HERE

1) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

2) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

3) Building a dynamic organization is another way of describing which function of management?

4) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

5) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?