Reference no: EM132275185
1. Roy, an accountant, injures Sally. She files a claim to recover for the injury under Roy’s homeowners’ insurance policy. Liability coverage under a homeowners’ policy normally applies to liability that arises from
a. business or professional activities.
b. the operation of a motor vehicle.
c. intentional misconduct.
d. none of the choices.
2. Look at the total number of injuries and deaths for any two years on the Bureau of Labor Statistics (BLS) and the Occupational Safety and Health Administration (OSHA) in the following industries.
Manufacturing
Construction
Mining
Agriculture
3. Which of the following statements is false??
A. People have a higher level of trust in small businesses than they do in big businesses.
B. Companies that pursue a triple bottom line measure their performances using traditional measures of profitability as well as their commitment to ethics and social responsibility.
C. A company cannot earn a healthy profit and maintain high ethical standards at the same time.
D. Ethical companies find hiring and retaining quality employees easier than companies that operate unethically.
E. Companies in which employees maintain ethical standards avoid the damaging fallout that unethical behavior has on their reputations.
4. What three major components can be reviewed on an operating statement?
a. Open to buy , indirect expenses, and direct expenses.
b. Total inventory, indirect expenses ,and direct expenses.
c. Total inventory , expenses, and open -to-buy.
d. Cost of goods sold, sales volumes, and operating expenses.
5. How does it benefit a merchant to work with a computerized spreadsheet program versus manual calculations?
a. The formulas are built in, so calculation errors are reduced.
b. Computerized spreadsheet programs allow the merchant to display the data with complementary graphs and tables.
c. All of the above.
d. None of the above.
6. What is the purpose of a Purchase Order?
a. To identify a buyer's purchasing plan.
b. To identify specific quantities, costs, and shipping details that were agreed upon by the buyer and seller.
c. To identify the items purchased by a customer.
d. To identify a customer's payment items.
7. What is the importance of being able to calculate the answers on reports if one can already find them calculated on a spreadsheet?
a. One must know how the calculations are being made and be able to communicate what the numbers mean.
b. One must know how the calculations are being made in order to adjust markup and markdown figures.
c. Knowing how the results are calculated makes one a better salesperson.
d. Knowing how the results are calculated can help plan advertising costs
8. Explain why tracking purchase orders on spreadsheet programs may benefit the buyer, beyond the basic calculations of total dollars spent?
a. It is a legal binding contract between the seller and the buyer.
b. It contains detailed information such as shipping information dates, contact information, and payment information.
c. It contains the styles and brief description of the items purchased.
d. It outlines the quantities purchased.
e. All of the above.
9. What is the purpose of Six-Month Plan?
a. It is used by merchants to plan and evaluate sales.
b. It is used by merchants to plan and evaluate stocks.
c. It is used by merchants to plan and evaluate markdowns.
d. It is used by merchants to plan and evaluate purchases.
e. All of the above.
f. None of the above.
10. What is the purpose of an Operating Statement?
a. This is a form used to sum up sales and expenses.
b. This form classifies the indirect and direct expenses.
c. This form summarizes the purchases versus the goods sold.
d. This form compares the sales performance of salespersons within a department.