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Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?
Correct answer(s):
- The treasurer reports to the vice president of finance.
The controller of a corporation generally reports directly to the:
Correct answer(s):
- vice president of finance.
Which one of the following functions should be the responsibility of the controller rather than the treasurer?
- daily cash deposit
- income tax returns
- equipment purchase analysis
- customer credit approval
Correct answer(s):
- income tax returns
A stakeholder is:
Correct answer(s):
- any person or entity other than a stockholder or creditor who potentially has a claim on the cash flows of a firm.
Which one of the following terms is defined as a conflict of interest between the corporate shareholders and the corporate managers?
Correct answer(s):
- agency problem
A business created as a distinct legal entity and treated as a legal “person” is called a:
Correct answer(s):
- corporation.
A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:
Correct answer(s):
- limited partner.
A business formed by two or more individuals who each have unlimited liability for all of the firm’s business debts is called a:
Correct answer(s):
- general partnership.
A business owned by a solitary individual who has unlimited liability for its debt is called a:
Correct answer(s):
- sole proprietorship.
Which one of the following is defined as a firm’s short-term assets and its short-term liabilities?
Correct answer(s):
- working capital
Which one of the following terms is defined as the mixture of a firm’s debt and equity financing?
Correct answer(s):
- capital structure
Which one of the following terms is defined as the management of a firm’s long-term investments?
Correct answer(s):
- capital budgeting
The average product of capital of producing 2,991 units of output (find point B) in the above table is
Correct answer(s):
- 21.9
The production function in the above table exhibits decreasing marginal returns to capital over what output range?
Correct answer(s):
- Between 2,391 and 3,048
The production function in the above table exhibits negative marginal returns to capital over what output range?
Correct answer(s):
- Between 3,016 and 2,945
The production function for good X in the above table exhibits increasing marginal returns to capital over what output range?
Correct answer(s):
- Between 0 and 1,524
The marginal product of capital of producing 2,991 units of output (find point A) in the above table is
Correct answer(s):
- 26.7
In the short run, the marginal cost curve crosses the average total cost curve at
Correct answer(s):
- The minimum point of the average total cost curve
Changes in the price of an input cause
Correct answer(s):
- Slope changes in the isocost line
The point where diminishing marginal returns has begun to affect production, is best characterized by the point where the
Correct answer(s):
- Marginal product curve begins to be negatively sloped