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bus 475 final exam




Question;1) A well-designed activity-based costing system starts with;A. analyzing the activities;performed to manufacture a product;B. assigning manufacturing overhead costs for;each activity cost pool to products;C. computing the activity-based overhead rate;D. identifying the activity-cost pools;2) "Generally accepted" in the phrase generally;accepted accounting principles means that the principles __________.;A. have been approved for use by the;managements of business firms;B. have been approved by the Internal Revenue;Service;C. have substantial;authoritative support;D. are proven theories of accounting;3) The income statement and balance sheet columns of Pine;Company's worksheet reflects the following totals;Income;Statement Balance Sheet;Dr. Cr. Dr. Cr.;Totals $58,000 $48,000 $34,000 $44,000;The net income (or loss) for the period is __________.;A. not determinable;B. $10,000 loss;C. $10,000 income;D. $48,000 income;4) These are selected account balances on December 31, 2008.;Land (location of the corporation's office building) $150,000;Land (held for future use) 225,000;Corporate Office Building 900,000;Inventory 300,000;Equipment 675,000;Office Furniture 150,000;Accumulated Depreciation 450,000;What is the net amount of property, plant, and equipment that;will appear on the balance sheet?;A. $1,425,000;B. $1,950,000;C. $2,400,000;D. $1,650,000;5) The first step in activity-based costing is to __________.;A. identify the cost driver that has a strong;correlation to the activity cost pool;B. assign manufacturing overhead costs for each;activity cost pool to products;C. identify and classify the;major activities involved in the manufacture of specific products;D. compute the activity-based overhead rate per;cost driver;6) 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?;A. 2,133 units;B. 4,600 units;C. 6,200 units;D. $25,600;7) 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?;A. $8,250;B. $5,250;C. $750;D. $4,500;8) These are selected account balances on December 31, 2008.;Land (location of the corporation's office building) $100,000;Land (held for future use) 150,000;Corporate Office Building 600,000;Inventory 200,000;Equipment 450,000;Office Furniture 100,000;Accumulated Depreciation 300,000;What is the net amount of property, plant, and equipment that;will appear on the balance sheet?;A. $950,000;B. $1,300,000;C. $1,600,000;D. $1,100,000;9) The income statement and balance sheet columns of Pine;Company's worksheet reflects the following totals;Income;Statement Balance Sheet;Dr. Cr. Dr. Cr.;Totals $58,000 $48,000 $34,000 $44,000;Closing entries are necessary for __________.;A. permanent or real accounts only;B. permanent accounts only;C. both permanent and temporary accounts;D. temporary accounts only;10) As Plant Controller, you are trying to determine which costs;over which you have the most control on a day to day basis. Your goal is to;achieve better profitability. The Plant Operations Manager suggests that;overhead is the easiest area to directly reduce costs. Which of the following;items would be classified as manufacturing overhead?;A. The western division?s vice president?s;salary;B. Factory janitor;C. Cost of landscaping the corporate office;D. General corporate liability insurance;11) The cost of an asset and its fair market value are;A. the same on the date of;acquisition;B. never the same;C. the same when the asset is sold;D. irrelevant when the asset is used by the;business in its operations;12) One of Astro Company's activity cost pools is machine;setups, with estimated overhead of $150,000. Astro produces sparklers (400;setups) and lighters (600 setups). How much of the machine setup cost pool;should be assigned to sparklers?;A. $90,000;B. $150,000;C. $60,000;D. $75,000;13) The cost principle is the basis for preparing financial;statements because it is __________.;A. the most accurate measure of purchasing;power;B. a conservative value;C. relevant and objectively;measured, and verifiable;D. an international accounting standard;14) Which one of the following items is not generally used in;preparing a statement of cash flows?;A. Additional information;B. Adjusted trial balance;C. Comparative balance sheets;D. Current income statement;15) To move the allocation of resources closer to the social;optimum, policymakers should typically try to induce firms in an oligopoly to;A. cooperate rather than compete with each;other;B. collude with each other;C. form various degrees of cartels;D. compete rather than;cooperate with each other;16) Assume oligopoly firms are profit maximizers, they do not;form a cartel, and they take other firms' production levels as given. Then in;equilibrium the output effect __________.;A. can be larger or smaller than the price;effect;B. must dominate the price effect;C. must be smaller than the price effect;D. must balance with the;price effect;17) The price of a good that prevails in a world market is;called the;A. world price.;B. absolute price.;C. relative price.;D. comparative price.;18) A country's consumption possibilities frontier can be;outside its production possibilities frontier if __________.;A. the country imports more than it exports;B. the country?s technology is superior to the;technologies of other countries;C. the citizens of the country have a greater;desire to consume goods and services than do the citizens of other countries;D. the country engages in;trade;19) When, in a particular market, the law of demand and the law;of supply both apply, the imposition of a binding price ceiling in that market;causes quantity demanded to be __________.;A.;double the quantity supplied;B. less than quantity supplied;C. greater than quantity;supplied;D. equal to quantity supplied;20) If a binding price ceiling were imposed in the computer;market, __________.;A. the quality of computers would increase;B. the supply of computers would decrease;C. the demand for computers;would increase;D. a shortage of computers would develop;21) For a college student who wishes to calculate the true costs;of going to college, the costs of room and board __________.;A. plus the cost of tuition;equals the opportunity cost of going to college;B. should be counted only to the extent that;they are more expensive at college than elsewhere;C. should be counted in full, regardless of the;costs of eating and sleeping elsewhere;D. usually exceed the opportunity cost of going;to college;22) In the market for foreign-currency exchange in the open;economy macroeconomic model, the amount of net capital outflow represents the;quantity of dollars __________.;A. demanded for the purpose of importing;foreign goods and services;B. supplied for the purpose;of buying assets abroad;C. supplied for the purpose of selling assets;domestically;D. demanded for the purpose of buying U.S. net;exports of goods and services;23) The part of the balance of payments account that records the;amount of foreign currency the government buys or sells is the;A. balance of trade.;B. financial and capital;account.;C. current account.;D. government financial account.;24) The balance of payment account is made up of;A. a monetary account and a fiscal account.;B.;an import account and an export;account.;C. a current account and a;financial and capital account.;D. an investment account and a consumption;account.;25) The model of aggregate demand and aggregate supply explains;the relationship between __________.;A. real GDP and the price;level;B. unemployment and output;C. the price and quantity of a particular good;D. wages and employment;26) The open-economy macroeconomic model includes __________.;A. neither the market for loanable funds or the;market for foreign-currency exchange;B. only the market for foreign-currency;exchange;C. only the market for loanable funds;D. both the market for;loanable funds and the market for foreign-currency exchange;27) The principal lag for monetary policy __________.;A. is the time it takes for;policy to change spending. The principal lag for fiscal policy is the time it;takes to implement it;B. is the time it takes to implement policy.;The principal lag for fiscal policy is the time it takes for policy to change;spending;C. and fiscal policy is the time it takes for;policy to change spending;D. and fiscal policy is the time it takes to;implement policy;28) Which of the following best describes a mental image of a;possible and desirable future state of the organization?;A. Horizontal communication;B. Vertical communication;C. Vision;D. Mission;E. Leadership;29) Sebastian Stabilio just joined a team of people from;throughout his organization whose primary task is to recommend valuable uses for;the scrap generated in the manufacturing process. The team meets twice per;week, otherwise members work within the usual organizational structure. The;team, not permanent, which Sebastian has joined, would be considered a;A. Parallel team;B. Project team;C. Working group;D. Work team;E. Project group;30) An invisible barrier that makes it difficult for certain;groups, such as minorities and women, to move beyond a certain level in the;organizational hierarchy is referred to as the;A. Glass floor;B. Job enlargement concept;C. Glass ceiling;D. Black box theory;E. Job enrichment theory;31) The term used to refer to all kinds of differences including;religious affiliation, age, disability status, economic class and lifestyle in;addition to gender, race, ethnicity and nationality is;A. Managerial ethics;B. Recruiting;C. Employment;D. Diversity;E. Selection;32) Which of the following has proven to be a particularly good;predictor for jobs that require cognitive complexity?;A.;behavioral assessment;B. aptitude tests;C. integrity evaluations;D. intelligence tests;E. work sampling;33) To be competitive in a global economy, Europeans must;increase their level of;A. Financial subsidy;B. Philanthropic contributions;C. Productivity;D. Population density;E. Espionage activity;34) Teams that operate separately from the regular work;structure and exist temporarily are known as;A. Transnational teams;B. Management teams;C. Self-managed teams;D. Self-designing teams;E. Parallel teams;35) A manager's ability to stimulate people to be high;performers is referred to as;A. Supervising;B. Planning;C. Controlling;D. Leading;E. Organizing;36) The best way for an employer to find out if a potential employee;can do a job is by __________.;A. using a performance;simulation test;B. using the interview process;C. administering an IQ test;D. having them spend a day in the office;E. using a written test;37) Your roommate is interested in starting a business and;everybody has been giving him different information about being an;entrepreneur. Since you have been studying about entrepreneurship and new;ventures, which of these would you tell him is true?;A. All entrepreneurs need venture capital in order;to get started;B. Anyone can start a business;C. Successful entrepreneurs;take very careful, calculated risks;D. Money should not be considered a start-up;ingredient;E. Entrepreneurs are their own bosses and;completely independent;38) One study found that manufacturing labor costs about;an hour in China, compared to _____ dollars in the United States.;A. Less than $1, about 40;B. Less than $1, about 15;C. $2, about 25;D. Less than $1, about 25;E. About $2, about 15;39) One of the most important contributors to total quality;management has been the introduction of statistical tools to analyze the causes;of product defects in an approach called;A. Organic;B. Six Sigma Quality;C. Mechanistic;D. ISO 9000;E. Total quality integration;40) __________ is the process of working with people and;resources to accomplish organizational goals.;A. Supervising;B. Planning;C. Decision making;D. Controlling;E. Management;41) The Aquatic Center, Inc. periodically reviews the goals of;the company. During the process, The Aquatic Center managers analyze their;current strategies as compared to their competitors, determine goals that they;will pursue and decide upon specific actions for each area of the company to;take in pursuit of these goals. The Aquatic Center managers have been engaged;in the management function of;A. Staffing;B. Planning;C. Organizing;D. Controlling;E. Goal Coordination;42) William used a sample of 68 U.S. cities to estimate the;relationship between Crime (annual property crimes per 100,000 persons) and;Income (median income per capita). His estimated regression equation was Crime;= 428 +.050 Income.;Assuming b1 is significant, if Income decreases by 1000 we would;predict that Crime will __________.;A. increase by 428;B. decrease by 50;C. increase by 500;D. increase by 50;43) Sampling error can be reduced by __________.;A. none of the these affect sampling error;B. increasing the sample;size;C. decreasing the sample size;D. utilizing simple random samples;44) Use the following table to answer question;P(M A) is approximately _____.;A..25;B..125;C..625;D..50;45) Use the following table to answer question;Are Service provider and;county independent events?;A. Insufficient information to determine;B. Yes;C. No;46) Twelve randomly-chosen students were asked how many times;they had missed class during a certain semester, with this result: 2, 1, 5, 1;1, 3, 4, 3, 1, 1, 5, 18.;For this sample, which measure of central tendency is least;representative of the ?typical? student?;A. Midrange;B. Mean;C.;Median;D. Mode;47) Jolly Blue Giant Health Insurance (JBGHI) is concerned about;rising lab test costs and would like to know what proportion of the positive;lab tests for prostate cancer are actually proven correct through subsequent;biopsy. JBGHI demands a sample large enough to ensure an error of ? 2% with 90%;confidence. What is the necessary sample size?;A. 2,401;B. 609;C. 1,604;D. 1,692;48) Which one of the following statements concerning production;and staffing plans is best?;A. The impact of production and staffing plans;cuts across several functional areas of the firm.;B. Production and staffing;plans specify production rates, workforce levels, and inventory holdings, but;do not account for capacity limitations because they are aggregated.;C. Production and staffing plans attempt to;achieve several objectives, all of which must be consistent with one another.;D. When production and staffing plans are made;aggregation can be performed only along two dimensions: products and time.;49) Likely reasons for inaccurate control limits would include;which of the following?;A. Process variation was not zero, as expected.;B. The engineers were underpaid for their work.;C. The engineering parameter for variance is;unknown.;D. There was insufficient;preliminary sampling.;50) The one-worker, multiple machines approach functions as;A. a way to create uniform workstation loads.;B. a production bottleneck.;C. a one-person production;line.;D. a poka-yoke device.;51) In an activity-on-node [AON] network, the nodes represent;whereas the arcs represent ____________.;A. precedence relationships, time;B. activities, precedence;relationships;C. activities, time;D. events, activities;52) While glancing over the sensitivity report, you note that;the stitching labor has a shadow price of $10 and a lower limit of 24 hours;with an upper limit of 36 hours. If your original right hand value for;stitching labor was 30 hours, you know that;A. you would lose $80 if one of your workers missed;an entire 8 hour shift.;B. you can send someone home 6 hours early and;still pay them the $60 they would have earned while on the clock.;C. the next worker that offers to work an extra;8 hours should receive at least $80.;D. you would be willing pay;up to $60 for someone to work another 6 hours.;53) The force behind globalization in _____ was the amount of;muscle, horsepower, wind power, or steam power that a country could deploy.;A. None of these;B. Globalization 2.0;C. Globalization 1.0;D. Globalization 3.0;54) In the _____ phase of the decision making process, managers;test potential solutions ?on paper.?;A. consideration;B. design;C. choice;D. intelligence;E. implementation;55) A set of programs that enable the hardware to process data;is _____.;A. procedures;B. database;C. software;D. network;E. hardware;56) What is _____ is not necessarily _____.;A.;Ethical, legal;B. Unethical, illegal;C. Ethical, illegal;D. Unethical, legal;E. Illegal, unethical;57) The Global, Web-Based Platform enables individuals to do;which of the following?;A. all of these are true;B. produce and sell goods and services;C. exchange knowledge;D. access information, services, and;entertainment;E. connect, compute, communicate, collaborate;and compete everywhere and all the time;58) The management cockpit best exemplifies which type of;system?;A. Group decision support system;B. Functional area information system;C. Digital dashboard;D. Expert system;E. Decision support system;59) _____ is the acquisition and efficient use of resources in;accomplishing organizational goals.;A. Wisdom;B. Expertise;C. Strategic planning;D. Management control;E. Operational control;60) International Game Technology?s new ERP system produced all;of the following benefits except;A. Operations employees were able to access;manufacturing process details at their workstations;B. The company gained flexibility in;manufacturing products;C. ERP system connected the company?s global;operations;D. Company was able to;maintain its original business processes;E. Integrated the company?s business functions;61) Which of the following are not provided by digital;dashboards?;A. Exception reporting;B. Key performance indicators;C. Status access;D. Transaction processing;E. Drill down;62) _____ provides users with a view of what is happening, where;addresses why it is happening.;A. Multidimensional data;analysis, data mining;B. Multidimensional data analysis, neural;networks;C. Data mining, expert system;D. Data mining, multidimensional data analysis;E. Multidimensional data analysis, structured;query language;63) An increase in future value can be caused by an increase in;the __________.;A. dividends paid;B. rate of return;C. original amount invested;D. starting value;E. annual interest rate and;number of compounding periods;64) Your company is considering an investment in a project which;would require an initial outlay of $300,000 and produce expected cash flows in;Years 1 through 5 of $87,385 per year. You have determined that the current;after-tax cost of the firm?s capital (required rate of return) for each source;of financing is as follows;Cost of debt 8%;Cost of preferred stock 12%;Cost of common stock 16%;Long-term debt currently makes up 20% of the capital structure;preferred stock 10%, and common stock 70%. What is the net present value of;this project?;A. $1,568;B. $463;C. $1,241;D. $871;65) Disadvantages of using current liabilities as opposed to;long-term debt include;A. certainty of interest costs;B. greater risk of;illiquidity, and uncertainty of interest costs;C. decreased risk of liquidity;D. uncertainty of future liabilities;E. higher cash flow exposure;66) Bell Weather, Inc. has a beta of 1.25. The return on the;market portfolio is 12.5%, and the risk-free rate is 5%. According to CAPM;what is the required return on this stock?;A. 15.62%;B. 20.62%;C. 14.37%;D. 9.37%;67) Dublin International Corporation?s marginal tax rate is 40%.;It can issue three-year bonds with a coupon rate of 8.5% and par value of;$1,000. The bonds can be sold now at a price of $938.90 each. The underwriters;will charge $23 per bond in flotation costs. Determine the approximate;after-tax cost of debt for Dublin International to use in a capital budgeting;analysis.;A. 9.2%;B. 5.1%;C. 8.5%;D. 6.0%;68) Forward rates are quoted;A. on financial statements;B. in direct form and at a;premium or discount;C. by the FDIC;D. in an indirect form;E. daily;69) Tri State Pickle Company preferred stock pays a perpetual;annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is;$100 per share. If investors? required rate of return on this stock is 15%;what is the value of per share?;A. $6.00;B. $37.50;C. $16.67;D. $15.00;70) Suppose you determine that the NPV of a project is $1,525,855.;What does that mean?;A. The project?s IRR would have to be less that;the firm?s discount rate.;B. In all cases, investing in this project;would be better than investing in a project that has an NPV of $850,000.;C. Under all conditions, the project?s payback;would be less than the profitability index.;D. The project would add;value to the firm.;71) According to the hedging principle, permanent assets should;be financed with _____ liabilities.;A. fixed;B. permanent;C. current;D. spontaneous;72) Exchange rate risk;A. doesn?t affect trades made in US Dollars.;B. arises from the fact that;the spot exchange rate on a future date is a random variable.;C. applies only to certain types of domestic;businesses.;D. has been phased out due to recent;international legislation.;73) The common stockholders are most concerned with;A. the spread between the return generated on;new investments and the investor?s required rate of return.;B. the percentage of profits;retained.;C. the size of the firm?s beginning earnings;per share.;D. the risk of the investment.;74) Which of the following is most consistent with the hedging;principle in working capital management?;A. Fixed assets should be financed with;short-term notes payable.;B. Inventory should be financed with preferred;stock.;C. Accounts receivable;should be financed with short-term lines of credit.;D. Borrow on a floating rate basis to finance;investments in permanent assets.;75) You hold a portfolio with the following securities;Security Percent of Portfolio Beta Return;X Corporation 20% 1.35 14%;Y Corporation 35%.95 10%;Z Corporation 45%.75 8%;Compute the expected return and beta for the portfolio.;A. 9.9%,.94;B. 10.67%, 1.02;C. 9.9%, 1.02;D. 34.4%,.94;76) Economists' economic-buyer theory assumes that __________.;A. consumers only want the cheapest price;B. buyers logically compare;choices in order to maximize their satisfaction;C. demographic data are very useful for;predicting consumer behavior;D. consumers should purchase only low-priced;products;E. consumers always make rational decisions;77) The statement, "Of course people will buy our;product--each of its features is better than the competition," most;closely reflects which consumer behavior concept?;A. the economic-buyer theory;B. reference groups;C. psychographics;D. needs;E. competitive advantage;78) The three basic tasks of ALL managers, according to the;text, are;A. planning, implementation;and control.;B. marketing, production, and finance.;C. planning, staffing, and evaluating.;D. execution, feedback, and control.;E. hiring, training, and compensating.;79) A cluster analysis of the "toothpaste market;would probably show that;A. most consumers are concerned about cost.;B. most consumers are mainly concerned about;brightness of teeth.;C. the broad product-market can be served;effectively with one marketing mix.;D. factors such as taste, price, and "sex;appeal" are not important.;E. different market segments;seek different product benefits.;80) "Marketing strategy planning" means;A. selecting a target market and developing a;marketing strategy.;B. finding attractive opportunities and;selecting a target market.;C. finding attractive;opportunities and developing profitable marketing strategies.;D. selecting an attractive target market.;E. selecting an attractive marketing mix.;81) The managerial process of developing and maintaining a match;between the resources of an organization and its market opportunities is;called;A. market planning.;B.;marketing strategy planning.;C. marketing programming.;D. management by objective.;E. strategic (management);planning.;82) Regarding organizational buying, the people who have the;power to select or approve the supplier--especially for larger purchases--are;called;A.;users.;B. buyers.;C. deciders.;D. influencers.;E. gatekeepers.;83) The economists' view of buyers;A. None of these are true;B. assumes that they always buy the lowest-price;alternative.;C. is based on the idea that consumers value;time and select the first alternative they learn about.;D. puts a great deal of;emphasis on differences in buying behavior related to individual differences;among consumers.;E. emphasizes psychological variables rather;than social influences.;84) __________ is a marketing management aid which refers to how;customers think about proposed and/or present brands in a market.;A. Customer relationship management (CRM);B. Market scanning;C. Positioning;D. Brand familiarity;E. Market segmentation;85) When evaluating macro-marketing;A. one must consider the society?s role in the;marketing system.;B. one must determine how;efficiently the society's resources are used.;C. the best approach is to consider the profit;generated by individual firms within the overall system.;D. the evaluation is necessarily subjective.;E. one must consider each individual firm's;role in the marketing system.;86) Marketing;A. not important if you have a good product.;B. reflects existing social values in the short;run--while reinforcing these values in the long run.;C. turns;consumers into puppets.;D. creates materialistic;values which did not exist before.;E. is only propaganda.;87) Clustering techniques applied to segmenting markets;A. doesn?t apply to demographic data;B. eliminate the need for marketing managers to;specify in advance what dimensions might be relevant for grouping consumers;C. remove the need for managerial judgment;D. usually require computers;to group people based on data from market research;E. is time consuming and expensive;88) Product disparagement differs from defamation of a nonpublic;figure in that;A. Intent is only required in a disparagement;case.;B. Publication to a third party is required in;the defamation case, but not in the disparagement case.;C. Publication to a third party is required in;the disparagement case, but not in the defamation case.;D. Intent is required for the;disparagement case, but not in the defamation case.;E. Intent is required for the defamation case;but not in the disparagement case.;89) Mary arrived at work one day, and her boss said to her;?That?s the ugliest dress I have ever seen. Because you wore that to work;today, you are fired.? Assuming that Mary is an at-will employee, which of the;following is true?;A. Mary can be fired only if it is in the best;interest of the employer.;B. If none of the exceptions;to the at-will rule apply, Mary can be fired.;C. If Mary has the will to work, she cannot be;fired without cause.;D. Mary can be fired for any reason.;90) Which of the following is correct about interpretive rules?;A. Interpretive rules are not subject to;judicial review.;B. All federal administrative agencies have;implied power to make interpretive rules.;C. They must be accompanied by substantive;rules.;D. They do not establish new;law.;E. They require public notice and participation;to create.;91) In responding to a constitutional challenge to the Computer;Decency Act, the U.S. Supreme Court ruled that;A. The Internet was similar to television and;that restrictions similar to those on television programming were appropriate.;B. The Act was;unconstitutional because its provisions were too vague to define.;C. Obscene materials could not be available;between 6:00 a.m. and 10:00 p.m. local time.;D. Computers and the Internet were not covered;by the free speech provisions of the U.S. Constitution because they did not exist;when the Constitution was drafted.;E. The Act was constitutional because obscene;speech receives no protection.;92) In a criminal proceeding, what is the difference between an;indictment and an information?;A. An indictment requires proof beyond a;reasonable doubt, but an information does not.;B. A grand jury issues an;indictment, but does not issue an information.;C. Guilt or innocence is determined in an;indictment, but not in an information.;D. The defendant is charged with a crime in an;indictment, but not in an information.;93) Which social responsibility theory has been advocated by;Novel Prizewinning economist Milton Friedman?;A. Corporate social audit.;B. Corporate citizenship.;C. Stakeholder interest.;D. Maximizing profits.;E. Moral minimum.;94) If a minor wishes to be bound to a contract after becoming;an adult, she must;A. Bring an action to verify the contract.;B. Give back the goods or services received as;a minor.;C. Disaffirm the contract.;D. Ratify the contract.;95) Which of the following statements is true regarding the;relationship of law and ethics?;A. Depending on the;circumstances, the law can require a higher, lower, or the same standard of;conduct as ethics demands.;B. The legal requirements will almost always be;the same as the ethical requirement because the law is based on the ethical;standards.;C. In some cases ethics will require a higher;standard of conduct than the law, but never vice versa.;D. In some cases the law will require a higher;standard of conduct than ethics, but never vice versa.;96) Information which comes to the knowledge of an agent is;A. Will result in termination of the agency;arrangement if it is not communicated to the principal.;B. Required to be communicated to the principal;in all circumstances.;C. Is imputed to the;principal.;D. Can be disclosed to the principal only with;the third party?s consent.;97) Which of the following is true about ?proof of claims??;A. They can generally be filed any time within;one year of the filing of the bankruptcy petition.;B. They must be field by both secured and;unsecured creditors in order for the creditor to receive a distribution from;the bankruptcy estate.;C. They need not be filed by;secured creditors whose security covers the amount of their debt.;D. They are never used by secured creditors.;98) Although the U.S. has had a longstanding agreement with;after the passage of NAFTA, _____ became the United States' second;largest trading partner.;A. Great Britain, Paraguay;B. Canada, Venezuela;C. Canada, Mexico;D. Mexico, Canada;E. Mexico, Venezuela;99) Which country does the text describe as becoming the largest;producer and consumer of many of the world's goods?;A. Ecuador;B. Japan;C. Canada;D. Mexico;E. China;100) One study found that manufacturing labor costs about;an hour in China, compared to _____ dollars in the United States.;A. Less than $1, about 40;B. Less than $1, about 15;C. About $2, about 15;D. Less than $1, about 25;E. $2, about 25


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