Question: Select the correct answer. /

> The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year 2: The following five transactions occurred in Year 2: 1. First purchase (cash): 150 units @ $155 2. Second purchase (cash): 160 units

> The following accounting information pertains to Boardwalk Taffy and Beach Sweets. The only difference between the two companies is that Boardwalk Taffy uses FIFO, while Beach Sweets uses LIFO. Required: a. Compute the gross margin percentage for each

> The following income statement was prepared for Frame Supplies for Year 1: During the year-end audit, the following errors were discovered: 1. A $2,500 payment for repairs was erroneously charged to the Cost of Goods Sold account. (Assume that the perp

> Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following historical data were taken from the Year 1 and Year 2 accounting records: At the end of the first quarter of Year 3, To

> The inventory of Don’s Grocery was destroyed by a tornado on October 6 of the current year. Fortunately, some of the accounting records were at the home of one of the owners and were not damaged. The following information was available

> At the end of the year, Randy’s Parts Co. had the following items in inventory: Required: a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the gen

> Marley Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Marley made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the

> Harris Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $3,600 and the other, $4,200. One of the items was sold during the year.

> Po River Winery Inc. has inventory that cost $500,000. The aging process for the inventory requires several years. At the company’s closing date (December 31, Year 1), the inventory had a market value of $400,000. During Year 2, the market value recovere

> The following note related to accounting for inventory was taken from the 2016 annual report of Wal-Mart Stores, Inc.: Inventories The Company values inventories at the lower of cost or market as determined primarily by the retail inventory method of acc

> The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cos

> Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions: a. What was Target’s gross margin percentage for the fiscal year ended January 28, 2017 (2016

> 1. What is motivation? 2. Why is understanding motivation important?

> 1. How is the National Labor Relations Act different from the Fair Labor Standards Act? 2. How does the Civil Rights Act influence the selection and promotion of employees? 3. What is the Occupational Safety and Health Act? 4. What is the purpose of the

> 1. What is the difference between employee training and management development? 2. What are the primary training and development methods used by firms?

> 1. Identify the major compensation decisions that HRM managers make. 2. What are the different forms of compensation? 3. What are the major types of employee benefits? 4. How do flexible benefit plans work?

> 1. What are the differences between internal and external recruiting? 2. Under what conditions are each one of them used? 3. Identify and briefly describe the types of practices and tools that are used in the selection process.

> 1. What is job analysis? 2. What is job specification? 3. How can it be used to hire the right person for the job?

> 1. What is cultural diversity in an organization? 2. What are some of the benefits and challenges of cultural diversity in an organization?

> 1. How do firms forecast the demand for human resources? 2. What are the techniques used to forecast human resources supply? 3. To match human resources supply and demand, how is attrition used?

> 1. What are the three phases of human resources management? 2. Identify the activities associated with each phase. 3. How does the responsibility of HRM change with the size of a firm?

> 1. What are the main objectives of performance appraisal? 2. What methods are used? 3. Describe the three approaches to performance feedback interviews.

> Identify and describe the major types of teams.

> 1. What effect does low turnover have on the Container Store’s ability to forecast human resources supply and match supply with demand? 2. Do you agree with the Container Store’s decision to allow employees access to all kinds of company information exce

> Select the correct answer. 1. T F A product's classification largely determines the appropriate marketing strategy. 2. T F The most important element in the success of a branded product is consumers' confi- dence in the product. 3. T F If a firm is

> Select the correct answer. 1. T F Business-to-business markets, which include churches, schools, and civic clubs, are a type of industrial market. 2. T F Sales forecasts usually are generated by complex software and should not be biased by manageria

> Select the correct answer. 1. T F The way an employee feels about his or her job, superiors, and place of work is called morale. 2. T F Herzberg recognized only two dimensions: motivation and hygiene. 3. T F Equity theory is based on the idea that e

> Select the correct answer. 1. T F The three phases of human resources management are acquiring, developing, and termi- nating human resources. 2. T F Perhaps the most humane method of reducing the size of a firm's workforce is through attrition. 3.

> Select the correct answer. 1. T F Financial planning begins with establishing a set of valid goals and objectives. 2. T F Debt capital is financing provided by the owner or owners of the business. 3. T F Commercial paper is a short-term promissory n

> Select the correct answer. 1. T F As a result of the Sarbanes-Oxley Act, the FDIC is responsible for establishing a full-time federal oversight board that will police the accounting industry. 2. T F A database is a single collection of data and info

> Select the correct answer. 1. T F Sentiment analysis is a quantitative social media measurement. 2. T F Each source of revenue flowing into a firm is referred to as a revenue stream. 3. T F The terms e-commerce and e-business are synonymous. 4. T F

> Select the correct answer. 1. T F The most direct channel of distribution is from a producer to a retailer to the consumer. 2. T F Producers utilizing intensive distribution place many requirements, including inventory levels and service quality, on

> Circle the letter before the most accurate answer. 6. Which of the following is not one of the four commonly recognized forms of utility? a. Form b. Time c. Production d. Place e. Possession 7. When goods and services are purchased to maintain highways,

> What are the major requirements for a group of individuals and organizations to be a market? How does a consumer market differ from a business-to-business market?

> Circle the letter before the most accurate answer. 6. Motivation is the internal process that __________, directs, and sustains behavior. a. irritates b. energizes c. inspects d. satisfies e. manages 7. The application of scientific principles to the man

> Circle the letter before the most accurate answer. 6. The activities involved in acquiring, maintaining, and developing an organization’s human resources are called a. human resources management. b. human resources planning. c. skills inventory. d. recru

> Circle the letter before the most accurate answer. 6. A budgeting approach in which every expense in every budget must be justified is referred to as __________ budgeting. a. zero-base b. financial-based c. traditional d. TQM e. efficient-market 7. The m

> Circle the letter before the most accurate answer. 6. A _______ is a measure that summarizes a particular characteristic of an entire group of numbers. a. pie chart b. statistic c. database d. datum e. tabular display 7. If assets total $125,000 and owne

> Circle the letter before the most accurate answer. 6. A type of computer usage in which services stored on the Internet are provided to users on a temporary basis is known as a. data mining. b. cloud computing. c. a cookie. d. crowdsourcing. e. malware.

> Circle the letter before the most accurate answer. 6. A middleman that takes title to products and then sells the products to other firms is commonly referred to as a(n) a. retailer. b. agent. c. producer. d. wholesaler. e. commissioner. 7. __________ ma

> Circle the letter before the most accurate answer. 6. All of the following are characteristics of the decline stage of the product life-cycle except a. a sharp decrease in sales volume. b. a decline in the number of competing firms. c. increased consumer

> Select the correct answer. 1. T F When buyers, sellers, marketing intermediaries, and facilitating agencies work together, the cooperative relationship results in compromise and adjustments that meet customer needs. 2. T F The most expensive promoti

> Select the correct answer. 1. T F Generally, the product life-cycle consists of five stages: development, introduction, growth, maturity, and decline. 2. T F A narrow product mix allows a firm to gain stability by concentrating on just a few markets

> Select the correct answer. 1. T F Influences in a society and its culture that result in changes in attitudes, beliefs, norms, customers, and lifestyles are known as economie forces. 2. T F The business philosophy that involves the entire organizati

> 1. Social Media Exercise 1. Visit the YouTube channel for Turbo Tax (www.youtube.com/user/TurboTax). Do you think social media is an effective method of obtaining the tax information you might need to prepare your taxes? 2. Can you think of other compani

> Select the correct answer. 1. T F Motivation is the internal process that energizes, directs, and sustains behavior. 2. T F A main discovery of the Hawthorne Studies was that human factors are at least as im- portant to motivation as pay rates. 3. T

> Select the correct answer. 1. T F An organization's most important resource is its human resources. 2. T F The starting point for human resources planning is the firm's overall strategic plan. 3. T F Cultural diversity in the workplace is an issue t

> Select the correct answer. 1. T F Speculative production is an example of a long-term financial need. 2. T F A budget is a financial statement that projects income and/or expenditures over a speci- fied future period. 3. T F Trade eredit is the leas

> Select the correct answer. 1. T F For a manager or employee, information and data mean the same thing. 2. T F Financial accounting provides managers and employees within the organization with the information needed to make decisions about a firm's f

> Circle the letter before the most accurate answer. 6. The activities involved in the acquisition of human resources are HR planning, a. job analysis, recruiting, employee relations, and compensation. b. job analysis, recruiting, selection, and orientatio

> Circle the letter before the most accurate answer. 6. A __________ budget estimates a firm’s expenditures for major assets. a. cash b. capital c. long-term needs d. traditional e. zero-base 7. The prime interest rate is the a. highest rate charged by a c

> Circle the letter before the most accurate answer. 6. A computer program that uses artificial intelligence to imitate a human’s ability to think is a(n) a. decision-support system (DSS). b. expert system. c. GAAP. d. database. e. management information s

> Circle the letter before the most accurate answer. 6. Typical quantitative measurements for social media websites include a. unique visitors. b. number of followers. c. number of embedded links. d. growth of wall response. e. all of the above. 7. Softwar

> Circle the letter before the most accurate answer. 6. The use of only a single retail outlet in each geographic area for distribution purposes is called __________ distribution. a. exclusive b. intentional c. selective d. patterned e. intensive 7. The fo

> 1. Social Media Exercise 1. Choose one of the Big Four accounting firms and take a look at its Twitter, Facebook, LinkedIn, or YouTube websites. 2. How does the accounting firm you chose use social media? Are they trying to reach potential job candidates

> Circle the letter before the most accurate answer. 6. A consumer product for which buyers will expend effort or planning, that is purchased infrequently, and that is usually purchased only after being compared with competing products is a __________ prod

> Circle the letter before the most accurate answer. 6. Which of the following is not one of the steps in implementing the marketing concept? a. Obtaining information about existing and potential customers b. Pinpointing needs and potential customers for f

> Circle the letter before the most accurate answer. 6. Which of the following is uncharacteristic of low morale? a. High rate of turnover b. Shoddy work c. Absenteeism d. Teamwork e. Employees leaving for more satisfying jobs 7. A sense of involvement and

> 1. When Chris Mittelstaedt says, “People like to be part of something bigger than them-selves,” what are the implications for employee motivation? 2. Why would an accounting firm spend money week after week for deliveries of fresh fruit for its employees

> 1. Describe some of the ways that Zappos uses social media to build a social community. 2. How does Zappos encourage word-of-mouth marketing through social media? 3. If you were the social media director for Zappos, what quantitative and qualitative meas

> 1. What steps did Jim Moon take to build a relationship between his business and Bank Rhode Is-land? 2. What collateral, if any, do you think Moon works can use as security for a future loan? Explain your answer. 3. Put yourself into the shoes of the ban

> 1. How would you classify Mi Ola’s consumer products? Explain your answer. 2. In which stage of the product life-cycle would you place Mi Ola’s products? In this stage, would you expect Helena Fogarty to put more emphasis on developing new products, dele

> 1. What are the ethical and legal implications of using accounting practices such as the book-and-hold technique to accelerate revenues and inflate corporate earnings? 2. Why would Commodore’s auditor insist that Rob document any sales booked under the b

> 1. Is Huy Fong using the marketing concept? Explain. 2. What type of market is Huy Fong targeting with its sriracha sauce? 3. Of the four categories of segmentation variables, which is most important to Huy Fong’s segmentation strategy, and why?

> 1. How would you describe Honest Tea’s ideal level of market coverage? Why would this intensity of market coverage be appropriate for such beverages? 2. Should Honest Tea use the same distribution channels for its K-Cup pods as it uses for its bottled an

> 1. Social Media Exercise 1. Do you think that social media buzz is an effective way to promote a product? Why or why not? 2. Have you ever participated in a social media campaign like “Share a Coke”? If so, how did your participation in the campaign impa

> What are the objectives of the MBO? What do you think might be its disadvantage?

> What are the two dimensions in Herzberg’s theory? What kinds of elements affect each dimension?

> What are the advantages and disadvantages of external recruiting? Of internal recruiting?

> What are the major challenges and benefits associated with a culturally diverse work-force?

> How do human resources managers go about matching a firm’s supply of workers with demand?

> What is relationship marketing?

> In general, on what basis is responsibility for HRM divided between line and staff managers?

> In what circumstances might a large corporation sell stock rather than bonds to obtain long-term financing? In what circumstances would it sell bonds rather than stock?

> How can a small-business owner or corporate manager use financial leverage to improve the firm’s profits and return on owners’ equity?

> Why would a lender offer unsecured short-term loans when it could demand collateral?

> 1. Social Media Exercise 1. Go to Twitter.com and search for @Casper and look through recent tweets in the account’s timeline. How is Casper using humor and pop culture to build brand loyalty? 2. What is the role of humor in Casper’s tweets? In what ways

> Develop a personal cash budget for the next six months. Explain what you would do if there are budget shortfalls or excess cash amounts at the end of any month during the six-month period.

> Many financial managers and corporate officers have been criticized for (a) poor decisions, (b) lack of ethical behavior, (c) large salaries, (d) lucrative severance packages worth millions of dollars, and (e) extravagant lifestyles. Is this criticism ju

> Do the balance sheet, income statement, and statement of cash flows contain all the information you might want as a potential lender or stockholder? What other information would you like to examine?

> Do managers really need all the kinds of information discussed in this chapter? If not, which kinds can they do without?

> Experts predict that the Internet, social media, and e-business will continue to expand along with related computer technologies. What effect will this expansion have on how businesses connect with customers in the future?

> What distinguishes a B2B from a B2C e-business model?

> Is outsourcing good for an e-business firm? The firm’s employees? Explain your answer.

> How can a small cosmetics wholesaler located in Jacksonville, Florida, use e-business and social media to increase its customer base, increase revenues, and reduce expenses?

> Given the fast pace of everyday life, most people often feel there is not enough time to do everything that needs to be done. Yet, people do find time to post personal information, photos, etc., on Facebook, Twitter, blogs, and other social media sites.

> If a middleman is eliminated from a marketing channel, under what conditions will costs decrease? Under what conditions will costs increase? Will the middleman’s functions be eliminated? Explain.

> 1. Social Media Exercise 1. After exploring @Comcast cares on Twitter, do you think that this helps with customer service? Why or why not? 2. Do you see other applications for Twitter for a communications giant like Comcast? 2. Building Team Skills 3. Re

> Many producers sell to consumers both directly and through middlemen. How can such a producer justify competing with its own middlemen?

> Identify three kinds of full-service wholesalers. What factors are used to classify wholesalers into one of these categories?

> What is the difference between publicity and public relations? What is the purpose of each?

> Identify and give examples of the three major types of salespersons.

> Identify and describe the major ingredients of a promotion mix.

> What is integrated marketing communications, and why is it becoming increasingly accepted?

> What are the most common marketing channels for consumer products? For industrial products?

> What is the difference between manufacturer brands and store brands? Between family branding and individual branding?

> What are the four stages of the product life-cycle? How can a firm determine which stage a particular product is in?

> If you were the financial manager of Stars and Stripes Clothing, what would you do with the excess cash that the firm expects in the second and fourth quarters?

> Of the three financial ratios discussed in this chapter, which do you think is the most important financial ratio? Why?

> What can be said about a firm whose owners’ equity is a negative amount? How could such a situation come about?