Reference no: EM132252802
1. The operating profit represents which of the following:
the amount from all sales and business loans
the amount from sales once operating expenses are subtracted.
the amount from sales once costs are subtracted
the amount left over from revenue once all costs and operating expenses are subtracted
2. Unfavorable variances always indicate overspending, and the manager must eliminate further unfavorable variances from the department’s operation.
True
False
3. Andrew owns a popular, but expensive Chinese restaurant. In order to introduce more people to his brand, he offers a series of one-time “taste fairs” in which he brings his recipes to a locally sponsored event. Customers are able to pay modest amounts for small servings of his creations while not paying for the ambiance of the famous restaurant. What need is Andrew addressing?
the restaurant’s lack of customers
customers’ lack of money
customers’ lack of time
the customers’ lack of access
4. Consumers would most likely treat candy bars as ____ products.
a. business
b. shopping
c. specialty
d. convenience
e. household
5. Title VII of the Civil Rights Act affects companies doing business within the U.S. and the business activities of U.S. companies doing business outside of the U.S.
True/False
6. Which act makes it unlawful to import goods bearing a trademark that has been registered with the Patent and Trademark Office and that is "owned by a citizen of, or by a corporation or association . . . organized within the United States" without the permission of the mark holder?
A. The Tariff Act
B. The Wheeler-Lea Act
C. The Clayton Act
D. The Uniform Adoption Act
7. Article 2 of the Uniform Commercial Code (UCC) regulates the sale of goods generally as well as sales between merchants. True/False
8. A fundamental principle set forth in the preamble to the 1994 Marrakesh Agreement is that "substantial reduction of tariffs and other barriers to trade" will contribute to the objective of "raising standards of living." True/False