최신 BEC 무료덤프 - AICPA CPA Business Environment and Concepts

문제1

When the supply of and demand for a good both increase:

A. Equilibrium price will decrease.

B. Equilibrium price will increase.

C. Equilibrium price may increase, decrease, or remain unchanged.

D. Equilibrium quantity may increase, decrease, or remain unchanged.

정답: C

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문제2

Which of the following ratios is appropriate for the evaluation of accounts receivable?

A. Collection to debt ratio.

B. Current ratio.

C. Days sales outstanding.

D. Return on total assets.

정답: C

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문제3

Patents are granted in order to encourage firms to invest in the research and development of new
products. Patents are an example of:

A. Collusion.

B. Entry barriers.

C. Market concentration.

D. Exclusionary practices.

정답: B

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문제4

Which of the following represents a firm's average gross receivable balance?
I. Days' sales in receivables x accounts receivable turnover.
II. Average daily sales x average collection period.
III. Net sales / average gross receivables.

A. I and II only.

B. I only.

C. II only.

D. II and III only.

정답: C

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문제5

When applying value chain analysis, a firm sends its production manager to visit the operations of its
major supplier in an attempt to determine if there are cost-savings capabilities that could be implemented
at the supplier's warehouse. The firm is performing which form of value chain analysis?

A. Vertical linkage analysis.

B. Internal differentiation analysis.

C. Internal costs analysis.

D. None of the above.

정답: A

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문제6

Unless otherwise provided in a general partnership agreement, which of the following statements is
correct when a partner dies?

A. Option D

B. Option C

C. Option B

D. Option A

정답: A

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문제7

Datacomp Industries, which has no current debt, has a beta of .95 for its common stock. Management is
considering a change in the capital structure to 30% debt and 70% equity. This change would increase
the beta on the stock to 1.05, and the after-tax cost of debt will be 7.5%. The expected return on equity is
1 6%, and the risk-free rate is 6%. Should Datacomp's management proceed with the capital structure
change?

A. Yes, because the weighted average cost of capital will decrease.

B. Yes, because the cost of equity capital will decrease.

C. No, because the weighted average cost of capital will increase.

D. No, because the cost of equity capital will increase.

정답: A

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문제8

All of the following items are included in discounted cash flow analysis, except:

A. The tax effects of future asset depreciation.

B. Future operating cash savings.

C. The future asset depreciation expense.

D. The current asset disposal price.

정답: C

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문제9

Which of the following actions is the acknowledged preventive measure for a period of deflation?

A. Decreasing interest rates.

B. Increasing the money supply.

C. Increasing interest rates.

D. Decreasing the money supply.

정답: B

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문제10

A partnership agreement must be in writing if:

A. The partnership intends to own real estate.

B. Any partner contributes more than $500 in capital.

C. The partners reside in different states.

D. The partnership's purpose cannot be completed within one year of formation.

정답: D

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문제11

Barker Inc. has no capital rationing constraint and is analyzing many independent investment alternatives.
Barker should accept all investment proposals:

A. That provide returns greater than the after-tax cost of debt.

B. That have positive cash flows.

C. If debt financing is available for them.

D. That have a positive net present value.

정답: D

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문제12

Under frost-free conditions, Cal Cultivators expects its strawberry crop to have a $60,000 market value.
An unprotected crop subject to frost has an expected market value of $40,000. If Cal protects the
strawberries against frost, then the market value of the crop is still expected to be $60,000 under frostfree
conditions and $90,000 if there is a frost. What must be the probability of a frost for Cal to be indifferent to
spending $10,000 for frost protection?

A. .167

B. .250

C. .333

D. .200

정답: D

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문제13

Which of the following is incorrect with regard to government intervention in market operations?

A. Government intervention may create a price different from the market price, thus causing either a
surplus or a shortage.

B. Rationing limits the availability of certain goods to a specified level, which lowers demand and prices
for a given supply.

C. A price ceiling is a price that is established above the equilibrium price, which causes a surplus to
develop.

D. Price floors are minimum prices established by law, such as minimum wages and agricultural price
supports.

정답: C

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문제14

Bander Co. is determining how to finance some long-term projects. Bander has decided it prefers the
benefits of no fixed charges, no fixed maturity date and an increase in the credit-worthiness of the
company. Which of the following would best meet Bander's financing requirements?

A. Long-term debt.

B. Short-term debt.

C. Bonds.

D. Common stock.

정답: D

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문제15

Which tool would most likely be used to determine the best course of action under conditions of
uncertainty?

A. Program evaluation and review technique (PERT).

B. Scattergraph method.

C. Expected value (EV).

D. Cost-volume-profit analysis.

정답: C

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최신 BEC 무료덤프 - AICPA CPA Business Environment and Concepts

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